HomeMy WebLinkAbout20132022.tiffBOARD OF ASSESSMENT APPEALS
STATE OF COLORADO
NOTICE OF HEARING
SCHEDULE NO. R6783222 DOCKET NO. 63176
Petitioner's):
WESTERN EQUIPMENT TRUCK, INC.
V.
Respondent:
WELD COUNTY BOARD OF EQUALIZATION
Tax Year(s): 2013
The Board of Assessment Appeals will hear the above -captioned matter:
Date:
Time:
Location:
Time Allocated:
April 16, 2014
8:30 AM Mountain Time on a trailing docket
1313 Sherman Street
Room 315, 3rd Floor
Denver, CO 80203
1 hour(s) per side
PLEASE TAKE NOTICE:
The Board of Assessment Appeals uses a one -day modified trailing docket. Several cases are
scheduled for hearing at 8:30 am each day. Cases are heard in the order determined by the Board, with
the first case commencing at 8:30 am. At the completion of the first case on the docket, the Board hears
the second case on the docket. The Board proceeds through the docket in this manner until all cases
have been heard or until insufficient time remains to fully hear the remaining cases on the docket. Cases
not heard will be continued to another day.
You are required to appear for your hearing at 8:30 am on the date noted above and remain until your
case is heard or continued, unless the Board removes your case from the trailing docket and schedules
your case for a specific time later in the day. A list of cases removed from the trailing docket will be
available at least one week prior to the hearing date. If your case is removed from the trailing docket,
you are required to appear at the specific time scheduled by the Board. Please check the Hearing
Schedule on the Board's web page(www.dola.state.co.us/baa/index.htm) or call (303) 866.5820
within one week prior to your hearing date to determine if your hearing has been scheduled for a
specific time on the hearing date.
If the Petitioner is a closely held entity as defined in CRS 13-1-127, the Petitioner must be represented by
either an attorney licensed in Colorado or an officer of the entity. If the Petitioner is a domestic or foreign
entity that is not closely held, as defined in CRS 7-90-102, an attorney licensed in Colorado must
represent the entity in all legal proceedings before the Board.
Pursuant to Board Rule 11, documentary evidence and witness lists must be received by the
Board and the opposing party no later than April 2, 2014. If this date falls on a State Holiday, the
documentary evidence and witness lists are due the following working day.
Petitioner's Representative of Record:
RYAN, LLC
IAN JAMES
5251 DTC PARKWAY, SUITE 1045
GREENWOOD VILLAGE, CO 80111
tieentYL6tdi) CLittha/
/a- /4'-Z413
Mailed: December 3, 2013
CC. I-i Ci',
1a-3►�I�
"20/3-,?oaa
ASo085
PETITION TO STATE BOARD OF ASSESSMENT APPEALS
1313 Sherman Street, Room 315 Phone: (303) 866-5880
Denver, Colorado 80203 Fax: (303) 866-4485
Date: August 29, 2013
Property Owner: Western Equipment Truck, Inc.
Subject Property: 26959 47 CR, Kersey
Street Address City
Schedule Number(s): R6783222
Appeals the decision of the
Attach separate sheet if necessary
Weld
County
El Board of Equalization
Ii Board of Commissioners
❑State Property Tax Administrator
For Office Use Only
Docket No.
Fee: Y N
Check/Credit Card #
p F K
RECEIVED
SEP 0 3 2013
WELD COUNTY
C° ' ERs
Dated:
This Appeal concerns: l❑Valuation lRefund/Abatement O Exemption OState Assessed Tax Year: _
The subject property is currently classified as:
D Agricultural
DOil &Gas
El Vacant Land
Commercial lDExempt
:l Personal IDPossessory
Interest
LI Industrial
CI Producing ifResidential OState Assessed
Mines
2013
Actual Value assigned to subject property: $2,205,000
Estimated time for Petitioner to present the appeal:
Not less then 30 minutes.
Appearance:
❑ Petitioner will be present at the hearing
El Petitioner will be represented by an agent
Petitionerwill be represented by an attorney
IliMixed Use ONatural Resources
Petitioner's estimate of value: $1,400,000
minutes or 4 hours.
Board will allow equal time to County or Property Tax Administrator.
UPetitioner will appear by telephone
Petitioner is responsible for calling the Board at 303866-5860
on the scheduled date and time of hearing (Mountain Time Zone)
Petitioner would like to appear by video conference
Petitioner must contact the Board at 305.660-5880 at least 20 days in advance
of the scheduled hearing to confirm availability of video conference equipment
It the property owner is an entity, it must appear under the representation of an attorney licensed in Colorado except as follows. A closely held entity may be
represented by an officer of the entity as 'long as the amount in controversy does not exceed $10,000, exclusive of costs, interest or statutory penalties.
A closely held entity can have no more than three owners. See Section 13-1-127, C.R.S. A closely held entity that will be represented by art officer of Chit
entity must provide a letter to the Board with this petition stating that it has no more than three owners and that the tax amount at issue does not
exceed $15,000 as of August 7, 2013. A trust filing a petition as of August 8, 2012 may be represented by a trustee, an attorney or an agent.
Filing Fee:
g None
D $ 33.75
$101.25
Petitioner is appearing pro se (self -represented) and has not filed more than two Petitions with the Board
of Assessment Appeals during this fiscal year (July 1 — June 30).
Petitioner is appearing pro se (self -represented) and has filed more than two Petitions with the Board of
Assessment Appeals during this fiscal year (July 1 — June 30).
Petitioner will be represented by an agent or by an attorney.
In the space below, please explain why you disagree with the value assigned to the subject property
The subject property is valued in excess of fair market value based on the
three approaches to value; cost, market, and income. In addition, the
property is valued in excess of other similarly situated properties.
01/14111 aCh MS 1111/13 CC C 1 J 0%2 2bI 3 -
°�14 44-SatgS
Required attachments to this form:
El Assessor's or Property Tax Administrator's Notice of Valuation or Notice of Denial
® Decision of County Board of Equalization, County Board of Commissioners or Property Tax Administrator
Attachments required under certain circumstances:
ei A notarized Letter of Authorization if an agent will be representing Petitioner
0 A list of names, last known addresses and telephone numbers of co -owners or parties directly interested in the subject
property if applicable.
Certificate of Service
I hereby certify that a true and correct copy of the foregoing Petition to the State Board of Assessment Appeals and
attachments were mailed, faxed or hand delivered to:
Weld
County
Board of Equalization
o Board of Commissioners
°State Property Tax Administrator
at the following address: 1150 O Street, P.O. Box 758, Greeley, CO 80632
on 8/29/13
Date
I hereby certify that a true and correct copy of the foregoing Petition to the State Board of Assessment Appeals and
attachments were mailed, faxed or hand delivered to all co -owners or parties directly interested in the subject property
on
Date
I hereby certify that four (4) true and correct copies of the foregoing Petition to the State Board of Assessment Appeals
and attachments were mailed or hand delivered to the Board of Assessment Appeals at 1313 Sherman Street, Room
315, Denver, CO 80203 on 8/29/13
Date
(One copy may be faxed to the Board but the original and two additional copies must be mailed or hand delivered.)
Petitioner's Mailing Address is Required Even if Petitioner is Represented by An Agent or Attorney (per C.R.S.
39-8-1091
Signature of Agent WI pr-> orney t
Ryan, LLC c/o Ian James
Printed Name
5251 DTC Parkway, Suite 1045
Mailing Address
Greenwood Village, CO 8O111
City; State, Zip Code
Telephone: (720) 524-0022
e-mail, ianjames@ryan.com
Attorney Reg. No.:
Signature of Petitioner
Western Equipment Truck Inc
Printed Name
555 IH-35 South
Mailing Address
New Braunfels, TX 78130
City, State, Zip Code
Telephone: (830)626-5258
Daytime number
E -Mail:
It is the Petitioner's responsibility to notify the BAA of any
change of address.
Petitioners are strongly encouraged to read the Instructions and Rules of the Board of Assessment Appeals prior to
completing this Petition Form. The Instructions and Rules are available on the Web at www.dola_Colorado.gov/baa or
may be requested by phone at 303-866-5880.
July 30, 2013
CLERK TO THE BOARD
PHONE (970) 336-7215, EXT 4226
FAX (970) 352-0242
WEBSITE: www.co.weld.co.us
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
WESTERN EQUIPMENT TRUCK INC
2055 1 AVE
GREELEY, CO 80631
RE: THE BOARD OF EQUALIZATION 2013, WELD COUNTY, COLORADO
DENIAL OF PETITIONER'S APPEAL AND AFFIRMATION OF ASSESSOR'S VALUE
ACCOUNT NO.: R6783222
Dear Petitioner:
On July 30, 2013, the Board of County Commissioners of Weld County Colorado
convened and acting as the Board of Equalization, pursuant to C.R.S. Section 39-8-101 et seq.,
considered your petition for appeal of the Weld County Assessor's valuation of your property
described above, for the year 2013.
The Board of Equalization found that the evidence presented at the hearing supported the value
placed upon the above -described property as set forth below. Such evidence indicated the
value was reasonable, equitable, and derived according to the methodologies, percentages,
figures and formulas dictated by law. This decision is based upon the Board's analysis of the
written and oral testimony presented by both parties. Further that it is the Board's decision that
the taxpayer/did not present sufficient evidence to show that the value of the property was not
reasonably valued by the Assessor.
The Assessment and valuation of the Weld County Assessor was affirmed as follows:
ACTUAL VALUE AS ACTUAL VALUE AS
DETERMINED BY ASSESSOR SET BY BOARD
$2,206,100.00 $2,205,000.00
2013-2022
AS0085
T -3,0-a0/,3
A denial of a petition, in whole or in part, by the Board of Equalization must be appealed within
thirty (30) days of the date the denial is mailed to you. You must select only one of the
following three (3) options for appeal:
1. Appeal to Board of Assessment Appeals: You have the right to appeal the County
Board of Equalization's decision to the Colorado Board of Assessment Appeals. A hearing
before that Board will be the last time you may present testimony or exhibits or other evidence,
or call witnesses in support of your valuation. If the decision of the Board of Assessment
Appeals is further appealed to the Court of Appeals pursuant to C.R.S. Section 39-8-108(2),
only the record of proceedings from your hearing before the Board of Assessment Appeals and
your legal brief are filed with the appellate court.
All appeals to the Board of Assessment Appeals filed after August 10, 2013, MUST
comply with the following provisions of C.R.S. Section 39-8-107(5):
(5)(a)(I) On and after August 10, 2013, in addition to any other requirements under law, any petitioner
appealing either a valuation of rent -producing commercial real property to the board of assessment
appeals pursuant to section 39-8-108(1) or a denial of an abatement of taxes pursuant to section 39-10-
114 shall provide to the county board of equalization or to the board of county commissioners of the
county in the case of an abatement, and not to the board of assessment appeals, the following
information, if applicable:
(A) Actual annual rental income for two full years including the base year for the relevant property tax
year;
(B) Tenant reimbursements for two full years including the base year for the relevant property tax year;
(C) Itemized expenses for two full years including the base year for the relevant property tax year; and
(D) Rent roll data, including the name of any tenants, the address, unit, or suite number of the subject
property, lease start and end dates, option terms, base rent, square footage leased, and vacant space for
two full years including the base year for the relevant property tax year.
(II) The petitioner shall provide the information required by subparagraph (I) of this paragraph (a) within
ninety days after the appeal has been filed with the board of assessment appeals
(b)(I) The assessor, the county board of equalization, or the board of county commissioners of the county,
as applicable, shall, upon request made by the petitioner, provide to a petitioner who has filed an appeal
with the board of assessment appeals not more than ninety days after receipt of the petitioner's request,
the following information:
(A) All of the underlying data used by the county in calculating the value of the subject property that is
being appealed, including the capitalization rate for such property; and
(B) The names of any commercially available and copyrighted publications used in calculating the value
of the subject property.
(II) The party providing the information to the petitioner pursuant to subparagraph (I) of this paragraph (b)
shall redact all confidential information contained therein.
(c) If a petitioner fails to provide the information required by subparagraph (I) of paragraph (a) of this
subsection (5) by the deadline specified in subparagraph (II) of said paragraph (a), the county may move
the board of assessment appeals to compel disclosure and to issue appropriate sanctions for
noncompliance with such order. The motion may be made directly by the county attorney and shall be
2013-2022
AS0085
accompanied by a certification that the county assessor or the county board of equalization has in good
faith conferred or attempted to confer with such petitioner in an effort to obtain the information without
action by the board of assessment appeals. If an order compelling disclosure is issued under this
paragraph (c) and the petitioner fails to comply with such order, the board of assessment appeals may
make such orders in regard to the noncompliance as are just and reasonable under the circumstances,
including an order dismissing the action or the entry of a judgment by default against the petitioner.
Interest due the taxpayer shall cease to accrue as of the date the order compelling disclosure is issued,
and the accrual of interest shall resume as of the date the contested information has been provided by
the taxpayer.
Appeals to the Board of Assessment Appeals must be made on forms furnished by that Board,
and must be mailed or delivered within thirty (30) days of the date the denial by the Board of
Equalization is mailed to you.
The address and telephone number of the Board of Assessment Appeals are:
Board of Assessment Appeals
1313 Sherman Street, Room 315
Denver, Colorado 80203
Telephone Number 303-866-5880
Fees for Appeal to the Board of Assessment Appeals: A taxpayer representing himself is not
charged for the first two (2) appeals to the Board of Assessment Appeals. A taxpayer
represented by an attorney or agent must pay a fee of $101.25 per appeal.
OR
2. Appeal to District Court: You have the right to appeal the decision of the Board of
Equalization to the District Court of the /county wherein your property is located: in this case that
is Weld County District Court. A hearing before The District Court will be the last time you may
present testimony or exhibits or other evidence, or call witnesses in support of your valuation. If
the decision of the District Court is further appealed to the Court of Appeals pursuant to C.R.S.
Section 39-8-108(1), the rules of Colorado appellate review and C.R.S. Section 24-4-106(9),
govern the process.
OR
3. Binding Arbitration: You have the right to submit your case to binding arbitration. If you
choose this option, the arbitrator's decision is final and you have no further right to appeal
your current valuation. C.R.S. Section 39-8-108.5 governs this process. The arbitration process
involves the following:
a. Select an Arbitrator: You must notify the Board of Equalization that you will
pursue arbitration. You and the Board of Equalization will select an arbitrator
from the official list of qualified people. If you cannot agree on an arbitrator, the
District Court of the county in which the property is located (i.e., Weld) will select
the arbitrator.
b. Arbitration Hearing Procedure: Arbitration hearings are held within sixty (60)
days from the date the arbitrator is selected, and are set by the arbitrator. Both
you and the Board of Equalization are entitled to participate in the hearing. The
hearing is informal. The arbitrator has the authority to issue subpoenas for
2013-2022
AS0085
witnesses, books, records documents and other evidence pertaining to the value
of the property. The arbitrator also has the .authority to administer oaths, and
determine all questions of law and fact presented to him. The arbitration hearing
may be confidential and closed to the public if you and the Board of Equalization
agree. The arbitrator's decision must be delivered personally or by registered
mail within ten (10) days of the arbitration hearing.
c. Fees and Expenses: The arbitrator's fees and expenses are agreed upon by
you and the Board of Equalization. In the case of residential real property, the
fess may not exceed $150.00 per case. For cases other than residential real
property, the arbitrator's total fees and expenses are agreed to by you and
Board of Equalization, but are paid by the parties as ordered by the
arbitrator.
If you have questions concerning the above information, please contact me at (970) 336-7215,
Ext 4226.
Very truly yours, dl /,
Esther E. Gesick, Deputy Clerk
Weld County Board of County Commissioners
Cc: Christopher Woodruff, Weld County Assessor
RYAN
5251 DTC PARKWAY ONE DTC SUITE 1045
GREENWOOD VILLAGE, CO 80111
RUSH TRUCK CENTERS OF COLORADO, INC
26956 CR 47
GREELEY, CO 80631
2013-2022
AS0085
Weld County
CHRISTOPHER M. WOODRUFF COUNTY ASSESSOR
BRENDA DONES, DEPUTY ASSESSOR
VALUATION REPORT
OF
COMMERCIAL PROPERTY
FOR
Weld County Board of Equalization
WESTERN EQUIPMENT TRUCK INC
PETITIONER
VS.
WELD COUNTY ASSESSOR'S OFFICE
RESPONDENT
Parcel Number: 0961-24-2-02-001
Schedule Number: R6783222
Log Number: 7621
Date: 07/30/2013
Time: 1:30
Board: CBOE
PREPARED BY
CHARLES JACK
WELD COUNTY ASSESSOR'S OFFICE STAFF APPRAISER
ASSESSOR'S VALUE
COMMERCIAL $2,206,100
2013-2022
Page 1
Weld County
CHRISTOPHER M. WOODRUFF COUNTY ASSESSOR
BRENDA DONES, DEPUTY ASSESSOR
VALUATION REPORT
OF
COMMERG AL PROPERTY
FOR
Weld County Board of Equalization
WESTERN EQUIPMENT TRUCK INC
PETITIONER
VS.
WELD COUNTY ASSESSOR'S OFFI CE
RESPONDENT
Parcel Number: 0961-24-2-02-001
Schedule Number: R6783222
Log Number: 7621
Date: 07/ 30/ 2013
Time: 1:30
Board: CBOE
PREPARED BY
CHARLES.J4CK
WELD COUNTY ASSESSOR'S OFFICE STAFF APPRAI SER
ASSESSOR'S VALUE
COMMERCIAL $2,206,100
CBOECOMM 010998
Page 1
SALI ENT FACTSAND CONCLUSI ONS
Purpose of Appraisal
Property Rights Appraised
Location
Land Area
Zoning
To determine Market Value as of 1/ 1/ 13 based on an
appraisal date of 6/ 30/ 12.
Unencumbered fee simple interest.
26959 CR47
KERSEY
335,176 Square Feet
Property Type Commercial
1- Service Garage
(Truck Sales & Service/ Repair Facility)
Year Built
Quality
Qass
Number of Stories
Improvement Sq. Ft.
Value Indications:
Land
Cost Approach
Market Approach
Income Approach
2006
Average
Metal Frame
1
42,425
$351,935
$2,764,310
$2,333,375
$2,205,000
Assessor's Value $2,206,100
CBOECOMM 010998
Page 2
CBOE_COMM _010998
Page 4
SJ B.ECT SKETCH
r
96.0'
Non -Calculated Area
Patio area
687.6'
Parts Storage Area
8.0'
\ 41.0'.
251
18 service bays
18 Openers
Concrete drive and aprons
345.0'
26.0' ' 346.0'
Total Building Size
42,425 Sq. Ft.
Service Shop Area
27,600 Sq. Ft.
Parts Storage
7168 Sq. Ft.
Office I Sales - etc.
7657 Sq. Ft.
Sketch by $ex IV"'
Non -Calculated Area
Covered entry
687.5'
a
45.0'
4-
10 service bays
10 openers
Heavy repair area
5 ton craneway
2 bays
Concrete drive and aprons
CBOE_COMM _010998
Page 5
Waif County, Coforadn
Wee .= in An L'caaan
Weld County- Internet Mapping
lit map Is a use gsrraoso apt torn an name flapprg sae and Is AQ 9~1
arm only Cato "oyes tat a on Ihls ru'ap .. far or r not S rata ctnr&, a-
ctw • Saba THIS MAP IS NOT T O BE USED FOR NAMAT1Od.
Q C
CBOECOMM 010998
Page 6
COST APPROACH SUMMARY
The Assessor is currently using Marshall and Swift cost tables for the cost approach of commercial
properties in Weld County, which has been approved by the Division of Property Taxation to be utilized
by Colorado Assessors.
The structure has been classified properly utilizing the Marshall and Swift Valuation service and an
appropriate value assigned. A land value has likewise been established through the utilization of vacant
land sales of comparable properties.
Improvement Value $2,412,375
Land Value $ 351,935
TOTAL VALUE BY THE COST APPROACH
$2,764,310
CBOECOMM 010998
Page 7
COST APPROACH
LAND VALUE
Sales utilized to establish the value in the subject neighborhood are from 2011 and the first six months of
the 2012 market for the 2013 assessment date. The comparative sales approach is the most reliable
method of land valuation. Pursuant to 39-104-(10.2) (c) C. R. S., the Assessor may utilize sales from lily
2007 through dine 2012 to establish the proper value, if sufficient information is not available in the prior
18 months. Also, comparables outside the subject property area may be used. The Weld County Assessor
has an established ongoing sales confirmation and validation program for property transactions used in
developing value.
The land size of the subject is 335,176 square foot. Comparable commercial land in the subject area range
from $0.91 to $1.30 per sq ft. A value of $1.05 psf or $351,935 was chosen to be applicable for the subject
property when considering its location.
Comp #
1
2
3
Parcel Number
Sale Date
Sale Price
Land Sze Per Sq Ft
096317400057
09/ 09/ 11
$176,000
175,547
$1.00
096316300011
12/20/11
$392,200
301,000
$1.30
096316300009
12/ 23/ 09
$445,000
490,878
$0.91
Average sales: $1.05
Median: $1.00
ASSESSOR'S SUB ECT LAND VALUE
$351,935
CBOECOMM 010998
Page 8
Cost
Approach
Summary
PARCEL NUMBER
96124202001
PROPERTY OWNER
Western Equipment
ADRESS S
26959 C R 47
CITY, STATE, ZIP
Kersey
DATE OF APPRAISAL
06/30/12
OCCUPANCY:
Truck Center
NUMBER OF STORIES
1
FLOOR AREA (SQ. FT.)
42,425
AVERAGE STORY HEIGHT
18
CLASS:
Steel
YEAR BUILT
2006
COST RANK
Average
EFFECTIVE AGE
30
HEATING AND COOLING
Radiant 82%
ESTIMATED LIFE
Package- air 18%
RCN BASIC STRUCTURE COS'
UNITS
COST
TOTAL
Service Garage
42,425
$46.45
$1,970,641
perimeter adjustment
0.935
wall height adjustment
1.086
Current multiplier
1.03
Local multiplier
0.97
Adjusted RCN Basic Cost
$1,999,208
Add-ons
Concrete slab
238,700
2.98
$711,326
Total RCN
$2,710,534
LESS DEPRECIATION
PHYSICAL
0.11
$298,159
FUNCTIONAL
0.00
$0
ECONOMICAL
0.00
$0
RCN LESS DEPR.
$2,412,375
ADD IN LAND VALUE
$351,935
TOTAL VALUE
$2,764,310
$65.16
CBOE_COMM_010998
age
MARKET APPROACH SUMMARY
Real property for the tax year 2013 must be valued utilizing the level of value for the period of one
and one-half years immediately prior to June 30th, 2012. A period of five years immediately prior
to lily 1, 2012 shall be utilized to determine the level of value if adequate data is not available from
such one and one-half year period to adequately determine the level of value for a dass of property.
Said level of value shall be adjusted to the final day of the data -gathering period. Changes occurring
between base years are not to be accounted for until the fol lowi ng level of value is implemented,
other than additions, change in use, detrimental acts of nature, damage due to fire, eta, creation of a
condominium, new regulations restricting or increasing the use of the land, or a combination
thereof {39-1-104(11)(b)(I),CRS}.
The comparable sales in this report were selected using county records, as well as the Multiple
Listing Services.
The Weld County Assessor's Office has verified that the comparable sales are arms -length
transactions based on review of the Real Property Transfer Dedaration, telephone or personal
confirmation interviews and physical inspections to confirm property characteristics at the time of
sale.
Based upon investigation and analysis, it is the opinion of the appraisers that the value
of $2,333,375 accurately reflects the market value of the subject property.
VALUE ASI NDICATED BY THE MARKET APPROACH
$2,333,375
CBOECOMM 010998
Page 10
COMPARATIVE SALES APPROACH
SALE #
Subject
1
2
3
4
5
6
7
Comments
Truck Center
Truck Service
Garage
Auto Center
Auto Center
Truck
Service
Service
Garage
Service
Garage
Service
e Gara
9
Parcel#
96124202001
96117411001
95708401001
95708401003
96117402008
96117102028
96108130001
96108401025
Address
26959 CR 47
2600 2 Av
753 Chamopion 1015 Champion
2435 2 Av
2111 2 Av
1403 1 Av
1616 2 Av
Kersey
Greeley
Windsor
Windsor
Greeley
Greeley
Greeley
Greeley
Grantor
Digby
Compass Bank
CP holdings
Bar SU
SECO
FSY
FSY
Grantee
Trimac
Southgate
SB Ventures
Hemphill
Colo Premium
Northland
All Around
Sale Date
3/1/2011
3/8/2011
5/11/2011
9/30/2011
3/10/2010
5/2/2011
11/8/2010
Sale Price
Assessor value
$2,206,100
$850,000
$2,000,000
$1,835,000
$1,500,000
$690,000
$750,000
$610,000
Land Size
335,176
316,198
417,094
302,411
217,800
73,475
61,064
85,529
L/B Ratio
7.90
12.27
10.53
17.15
12.50
3.67
4.47
11.43
Bldg SF
42,425
25,768
39,607
17,635
17,419
20,000
13,660
7,480
Sale psi
$32.99
$50.50
$104.05
$86.11
$34.50
$54.90
$81.55
Quality/Age
25.0%
similar
similar
similar
20%
similar
10%
Size
-5.0%
similar
-10%
-10%
-7%
-15%
-20%
Adj Sale PSF
$39.59
$50.50
$93.64
$77.50
$38.98
$46.65
$73.40
Comps Range:
$38.98 - $93.64
Comps Avg:
$60.04
Comps Median:
$50.50
Value per Market Sales
$55.00 x 42,425 = $2,333,375
CBOE_COMM 010998
Page 11
121.0'
COMPARABLE SALE #1
ACCOUNT NUMBER: R6778052
PRIMARY OCC: Service Garage
SECONDARY OCC:
ADDRESS: 2600 2 AV, GREELEY
RECEPT NUMBER: 3753285
GRANTOR: DIGBY FAMILY LLLP
GRANTEE: TRIMAC
Sketch by epee N M
151.0'
0
0
0
Blt
1984
0111968
16' wh
Space Heat
18271.0 sq. It.
Service Garage
Bit 1698
Class S
10' to 16'wh
Office 3,436.0 sq ft
Service Garage 21,331.0 sq ft
24,767.0 sq. ft.
51.0'
BM 971
3060.0 sq. ft.
46.0'
Office
Package -air
2576.0 sq. ft.
Office
860.0 sq. ft.
56.0'
COUNTY: WELD
PARCEL NUMBER: 096117411001
PERCENT: 100%
PERCENT:
SALE DATE:
SALE PRICE:
ADJ SALE PRICE:
3/1/2011
$850,000
43.0'
0
0
N
YEAR BUILT: 1968 CLASS: S
EFFECTIVE AGE: 1985 LAND/BLDG RATIO: 12.2709
LAND SIZE (SF): 316,198 LAND VALUE: $442,677
BLDG SIZE (SF): 25,768 IMPS PRICE/SF: $15.80
WALL HEIGHT: 16 SALE PRICE/SF: $32.98
STORIES: 1.00 INTEREST RATE:
BSMNT SIZE: DOWN PYMT:
BSMNT FINISH: LOAN TERM (YRS):
COMMENTS: The subject is a trucking terminal which includes 14% office, a
dispatch center, maintenance facility with pits, a warehouse, parts and tool storage, large parking parcel, diesel tanks and pump,
and 1,000 sq ft residential modular .
Page 12
60.0'
CBOE_COMM _010998
Page 1
COMPARABLE SALE #2
ACCOUNT NUMBER: R4278006
PRIMARY OCC:
SECONDARY OCC:
THIRD OCC:
ADDRESS:
Complete Auto Dealership
753 CHAMPION DR WINDSOR
RECEPT NUMBER: 3755488
GRANTOR: COMPASS BANK
GRANTEE: SOUTHGATE ONE LLC
YEAR BUILT: 2006
EFFECTIVE AGE:
LAND SIZE (SF):
BLDG SIZE (SF):
WALL HEIGHT:
STORIES:
QUALITY:
COMMENTS:
417,094
39,607
24
1.00
Average
1i?
Sec.
SEr ce RecePbcn lm
0
I,
n
T0
2
C
c
m
E
0
N-i
969
06.1
1$ P
4 Vesicle deli+ery
Cereer
SIC'
�YM W; Ipa F"
1
?'c
74 ewsa
g 0Xe0
e
33 Stall Service flea
COUNTY: WELD
PARCEL NUMBER: 095708401001
PERCENT: 100.0%
PERCENT:
PERCENT:
SALE DATE:
SALE PRICE:
ADJ SALE PRICE:
CLASS:
LAND/BLDG RATIO:
LAND VALUE:
IMPS PRICE/SF:
SALE PRICE/SF:
3/8/2011
$2,000,000
$2,000,000
C
10.5308
$938,462
$26.80
$50.49
XI
Full Service Auto Dealership
Tctal Sq. Ft /3S60? 4
Bank sale to Martin Lind. Plans to utilize for undisclosed purpose, other than auto dealership.
Page 13
CBOE_COMM _010998
Page 2
.► _ 'rte-. `3�,1t�#•'wy,fnrk-?...
laraimis
ate
COMPARABLE SALE #3
ACCOUNT NUMBER: R4278206
PRIMARY OCC: Complete Auto Dealership
ADDRESS:
1015 CHAMPION DR WINDSOR
RECEPT NUMBER: 3768209
GRANTOR: CP SAN ANTONIO RE HOLDCO LLC
GRANTEE: SB VENTURES LLC
YEAR BUILT: 2007
EFFECTIVE AGE:
LAND SIZE (SF):
BLDG SIZE (SF):
WALL HEIGHT:
STORIES:
QUALITY:
302,411
17,635
24
1.00
Average
77.7'
58.5'
Wash Bay
1 s Will t tight
21'Wall Height
Shop
RJR
32.2'
First Floor
17634.6 S.F.
4.0'
0
0
R/R
R/R
12.0'
Showroom
24' Wall Height
111.9'
COUNTY: WELD
PARCEL NUMBER: 095708401003
Sketch by Apex M"
PERCENT: 100.0%
SALE DATE:
SALE PRICE:
ADJ SALE PRICE:
CLASS:
LAND/BLDG RATIO:
LAND VALUE:
IMPS PRICE/SF:
SALE PRICE/SF:
5/11/2011
$1,835,000
$1,835,000
C
17.1483
$680,425
$65.47
$104.05
COMMENTS: Property was vacant for 2 years. Purchase price was analyzed and given serious consideration from corporate
headquarters. Considered to be market value.
Page 14
CBOE_COMM _010998
Page 3
COMPARABLE SALE #4
ACCOUNT NUMBER: R3564186
PRIMARY OCC: Service Garage
SECONDARY OCC:
ADDRESS:
2435 2 AV, GREELEY
RECEPT NUMBER: 3801564
GRANTOR: BAR S U INC
GRANTEE: HEMPHILL TRUCKING INC
YEAR BUILT:
EFFECTIVE AGE:
LAND SIZE (SF):
BLDG SIZE (SF):
WALL HEIGHT:
STORIES:
BSMNT SIZE:
BSMNT FINISH:
ZONING:
QUALITY:
1992, 2005
217,800
17,419
8, 24
1.00
GRE IM
Average
aan a
f ca C !sip -rand --
COUNTY: WELD
PARCEL NUMBER: 096117402008
PERCENT: 100.0%
PERCENT:
SALE DATE:
SALE PRICE:
ADJ SALE PRICE:
CLASS:
LAND/BLDG RATIO:
LAND VALUE:
IMPS PRICE/SF:
SALE PRICE/SF:
INTEREST RATE:
DOWN PYMT:
LOAN TERM (YRS):
POINTS PAID:
9/30/2011
$ 1,500,000
S
12.5035
$326,700
$67.35
$86.11
COMMENTS: The suject sale includes 168 sf scale house, 60 ton truck scale, 7,650 sq ft service garage blt in 1992 , and a 9,600
sq ft service garage blt in 2005.
CBOE_COMM_010998
Page 4
COMPARABLE SALE #5
ACCOUNT
PRIMARY OCC:
SECONDARY OCC:
R3464486
Service Garage
ADDRESS: 2111 2 AV, GREELEY
RECEPT NUMBER: 3680757
GRANTOR: SECO BRUSH LLC
GRANTEE: COLORADO PREMIUM PROPERTIES
YEAR BUILT:
EFFECTIVE AGE:
LAND SIZE (SF):
BLDG SIZE (SF):
WALL HEIGHT:
STORIES:
BSMNT SIZE:
BSMNT FINISH:
ZONING:
QUALITY:
1967
1985
73,475
20,000
16
1
GRE IM
Average
219.0'
200.0'
88.0'
BLT 1967
14'WH
Class C
Office Areas
Truckers Lounge
80.0'
BLT 1967
18' WH
space heat
32.0'
BLT 1971
18' WH
space heat
Sketch by Apex IVMNdowsw
11.0'
205.0'
SERVICE GARAGE
20000,0 sf
COUNTY: WELD
PARCEL NUMBER: 096117102028
PERCENT: 100%
PERCENT:
SALE DATE:
SALE PRICE:
ADJ SALE PRICE:
CLASS:
LAND/BLDG RATIO:
LAND VALUE:
IMPS PRICE/SF:
SALE PRICE/SF:
INTEREST RATE:
DOWN PYMT:
LOAN TERM (YRS):
POINTS PAID:
3/10/2010
$690,000
C
3.67
$132,255
$27.88
$34.50
Page 16
44.0'
12.0'
100.0'
CBOE_COMM _010998
Page 5
COMPARABLE SALE #6
ACCOUNT NUMBER: R6779757
PRIMARY OCC: Service Garage
SECONDARY OCC:
ADDRESS:
1403 1 AV, GREELEY
RECEPT NUMBER: 3766505
GRANTOR: FSY PARTNERSHIP
GRANTEE: NORTHLAND PROCESS PIPING INC
YEAR BUILT: 2002
EFFECTIVE AGE:
LAND SIZE (SF):
BLDG SIZE (SF):
WALL HEIGHT:
STORIES:
BSMNT SIZE:
BSMNT FINISH:
ZONING:
QUALITY:
COMMENTS:
61,064
13,660
12
1.00
Average
The subject has 1,800 sf of office area.
O
0
a
187.0'
1760.0
Office
44.0'
5720,0
Service Garage
Olt 1989
Class S
Space Heat
16'wh
Total 7,480 sq.ft.
143.0'
Sketch by Apex IV'"
COUNTY: WELD
PARCEL NUMBER: 096108130001
PERCENT: 100.0%
PERCENT:
SALE DATE:
SALE PRICE:
ADJ SALE PRICE:
CLASS:
LAND/BLDG RATIO:
LAND VALUE:
IMPS PRICE/SF:
SALE PRICE/SF:
INTEREST RATE:
DOWN PYMT:
LOAN TERM (YRS):
POINTS PAID:
5/2/2011
$750,000
S
4.47
$122,128
$45.96
$54.90
Page 17
O
0
a
CBOE_COMM_010998
Page 6
Ii
rams
�-°=- -are
c
COMPARABLE SALE #7
ACCOUNT
PRIMARY OCC:
SECONDARY OCC:
R3311386
Automotive Center
ADDRESS: 1616 2 AV, GREELEY
RECEPT NUMBER: 3730846
GRANTOR: FSY PARTNERSHIP
GRANTEE: ALL AROUND ROUSTABOUT
YEAR BUILT: 1989
EFFECTIVE AGE:
LAND SIZE (SF): 85,529
BLDG SIZE (SF): 7,480
WALL HEIGHT: 16
STORIES: 1
BSMNT SIZE:
BSMNT FINISH:
ZONING:
QUALITY:
COMMENTS:
GRE IM
Average
COUNTY: WELD
PARCEL NUMBER: 096108401025
PERCENT: 100%
PERCENT:
SALE DATE:
SALE PRICE:
ADJ SALE PRICE:
CLASS:
LAND/BLDG RATIO:
LAND VALUE:
IMPS PRICE/SF:
SALE PRICE/SF:
INTEREST RATE:
DOWN PYMT:
LOAN TERM (YRS):
POINTS PAID:
11/08/2010
$610,000
S
11.43
$256,587
$47.25
$81.55
Page 18
CBOE_COMM _010998
Page 7
I NCOME APPROACH SUMMARY
The Weld County Assessor has appropriately considered the IncomeApproach to value for the aibject
property on appeal.
The Assessor has gathered income information from local commercial properties for the time frame of
January 1, 2011 through June 30, 2012. This information, combined with statewide and industry -wide
data, is used to determine typical income and expenses for various property types.
In condusion of the IncomeApproach, the Assessor has considered both groups of data and has put more
emphasis on the local factors and data than the state and national data. This information was then applied
to the subject property to arrive at an appropriate Income Approach Value.
TOTAL I NCOME VALUE FOR THE SUBJECT PROPERTY
$2,205,000
Page 19
CBOECOMM 010998
Page 8
MARKET INCOME WORKSHEET
Parcel :
096124202001
Name:
Western Equipment
Address:
26959 C R 47 Kersey
Bldg Sq Ft
Use
42,425
Truck Center/Service
Garage
Avg Rent PSF
Subject Rents t
Annual
Rent per
Annual Gross
Area
Rent PSF
Month
Income
Main Fir PSF
42,425
$5.00 =
$17,677
$212,125
LessVacancy &
Expenses
Vacancy
7%
$14,849
EGI
$197,276
Expenses
mgmt
3%
$5,918
R/R
2%
$3,946
Vet Incom-.
$4.42
$187,412
Net Income/Overall Cap Rate =
Property Value
Property
Value
Cap Rate + Eff Tax Rate
0.085
0.0850
$2,204,852
Estimated Property Value
$2,205,000
Value psf
$51.97
lAiUtMM_01 U99d
Page 9
Comparable Market Rents
Parcel occupancy
120723304027
095708401002
120723304027
095904403006
070931000008
096105205009
096120208013
120723304007
131314200078
096108130001
095714202003
Average
Median
square footage
Auto Center 15,265
Auto Center 39,607
Manuf/Whse 37,944
Warehouse 62,280
Manuf/Whse 10,972
Warehouse 11,430
Warehouse 8,720
Warehouse 20,250
Warehouse
Service
Garage
Ind. Flex
$5.85
$5.00
39,120
13,660
39,125
NNN N psf
$4.72
$4.54
$8.50
$7.98
$4.60
$5.00
$6.88
$6.50
$5.00
$5.00
$5.65
Page 21
CBOECOMM 010998
Page 10
CONCLUSION
Real property for the tax year 2013 must be valued utilizing the level of value for the period of one
and one-half years immediately prior to June 30th, 2012. A period of five years immediately prior
to lily 1, 2012 shall be utilized to determine the level of value if adequate data is not available from
such one and one-half year period to adequately determine the level of value for a dass of property.
Said level of value shall be adjusted to the final day of the data -gathering period. Changes occurring
between base years are not to be accounted for until the fol lowi ng level of value is implemented,
other than additions, change in use, detrimental acts of nature, damage due to fire, eta, creation of a
condominium, new regulations restricting or increasing the use of the land, or a combination
thereof {39-1-104(11)(b)(I),CRS}.
The subject property has been classified as Commercial Property for assessment purposes. Commercial
property value shall be determined by appropriate consideration of the Cost Approach, Market Approach,
and Income Approach to value. {39-1-103(5)(a) C. R. S.} The Assessor has considered all throe approaches to
value for the subject parcel on appeal.
FINAL RECONCILIATION
After consideration of the cost, market and income approaches, it isthe Weld County Assessor's opinion
that the value of $2206,100 , most accurately reflects the value of the subject property in Weld County for
the 2013 tax year.
COST APPROACH MARKET APPROACH I NCOM E APPROACH
$2,764,310
$2,333,375 $2,205,000
ASSESSOR'S VALUE
COMMERCIAL $2206,100
Page 22
CBOECOMM 010998
Page 11
Ru s — Co - 7 C Greeley
NOTICE OF DETERMINATION
Christopher M. Woodruff
Weld County Assessor
1400 N 17th Ave
Greeley, CO 80631
ACCOUNT NO.
TAX YEAR
TAX AREA
LEGAL DESCRIPTION/ PHYSICAL LOCATION
R6783222
2013
4039
L1 HWY 34 TRANSPORTATION CENTER RPLT
26959 47 CR KERSEY, CO
PROPERTY OWNER
WESTERN EQUIPMENT TRUCK INC
2055 1 AVE
GREELEY, CO 80631
PROPERTY CLASSIFICATION
ASSESSOR'S VALUATION
ACTUAL VALUE PRIOR TO
REVIEW
ACTUAL VALUE AFTER
REVIEW
COMMERCIAL
0
2,206,100
TOTAL
$
$2,206,100
The Assessor has carefully studied all available information, giving particular attention to the
specifics included on your protest. The Assessor's determination of value after review is based on
the following:
CM03 - After review of your property, we have made adjustments. This was done because of
additional information obtained, or provided thru the appeal process.
If you disagree with the Assessor's decision, you have the right to appeal to the County
Board of Equalization for further consideration, § 39-8-106(1)(a), C.R.S.
The deadline for filing real property appeals is July 15.
The Assessor establishes property values. The local taxing authorities (county, school district, city,
fire protection, and other special districts) set mill levies. The mill levy requested by each taxing
authority is based on a projected budget and the property tax revenue required to adequately fund
the services it provides to its taxpayers. The local taxing authorities hold budget hearings in the fall.
If you are concerned about mill levies, we recommend that you attend these budget hearings.
Please refer to last year's tax bill or ask your Assessor for a listing of the local taxing authorities.
Date of Notice: 6/27/2013
Telephone: (970) 353-3845
Fax: (970) 304-6433
Office Hours: 8:00 AM - 5:00 PM
Please refer to the reverse side of this notice for additional information.
RYAN
5251 DTC PARKWAY ONE DTC SUITE 1045
GREENWOOD VILLAGE, CO 80111
RECEIVED
JUL 1 7 2013
WCOMMISSIONERS
S
15-DPT-AR
PR 207-08/13
R6783222 18631
Rush Enterprises, Inc.
CO - RTC Greeley
Email
APPEAL PROCEDURES
County Board of Equalization Hearings will be held from
July 1 through August 5 at 1400 N 17 AVE.
To appeal the Assessor's decision, complete the Petition to the County Board of Equalization shown
below, and mail or deliver a copy of both sides of this form to:
Weld County Board of Equalization
1150 O Street, P.O. Box 758
Greeley, CO 80631
Telephone: (970) 356-4000 ext, 4225
To preserve your appeal rights, your Petition to the County Board of Equalization must be
postmarked or delivered on or before July 15 for real property — after such date, your right to
appeal is lost. You may be required to prove that you filed a timely appeal; therefore, we
recommend that all correspondence be mailed with proof of mailing.
You will be notified of the date and time scheduled for your hearing. The County Board of
Equalization must mail a written decision to you within five business days following the date of the
decision. The County Board of Equalization must conclude hearings and render decisions by August
5, § 39-8-107(2), C.R.S. If you do not receive a decision from the County Board of Equalization and
you wish to continue your appeal, you must file an appeal with the Board of Assessment Appeals by
September 12, § 39-2-125(1)(e), C.R.S.
If you are dissatisfied with the County Board of Equalization's decision and you wish to continue your
appeal, you must appeal within 30 days of the date of the County Board's written decision to ONE of
the following:
Board of Assessment Appeals District Court
1313 Sherman Street, Room 315 Contact the District Court in the County
Denver, CO 80203 where the property is located. See your
(303) 866-5880 local telephone book for the address and
www.dola.colorado.qov/baa telephone number.
Binding Arbitration
For a list of arbitrators, contact the County Commissioners at the address listed for the County Board
of Equalization.
If the date for filing any report, schedule, claim, tax return, statement, remittance, or other document
falls upon a Saturday, Sunday, or legal holiday, it shall be deemed to have been timely filed if filed
on the next business day, § 39-1-120(3), C.R.S.
PETITION TO COUNTY BOARD OF EQUALIZATION
What is your estimate of the property's value as of June 30, 2012? (Your opinion of value in terms of a
specific dollar amount is required for real property pursuant to § 39-8-106(1.5), C.R.S.)
$ 1,160,000
What is the basis for your estimate of value or your reason for requesting a review? (Please attach
additional sheets as necessary and any supporting documentation, i.e., comparable sales, rent roll, original
installed cost, appraisal, etc.)
The property is valued in excess of fair market value based on the three approaches to value; cost,
market and income. In addition, the property is valued in excess of other similarly situated properties.
I ATTES TION
I, the ersigned ne agent"' of the property identified above, affirm that the statements contained
her ndCtfn a tt ereto are true and complete.
(720)524-0022 July 15, 2013
Telephone Number Date
216 Attach letter of authorization signed by property owner.
Address
15-DPT-AR
PR 207-08/13
R6783222 18631
LETTER OF'AUTHRRIZAT)ON
FOR PROPERTY TAX REPRESEN [ATIOI�i
Western Equipment Truck Inc
Property Owner
See Attached
Soiled Property
Weld County Assessor, CC
Jurisdiction anct State
2013/20i4
Year
This. triter authorizes Ry ei. LLC and its affiliate; Ryan raurt Compiianoaf 8eivicek LLC: to ierpepsawtE.-
the above -named property as its property tsaragent In them anti** named abet • T[tit
authorization include . but It not liinrllad to: tag property renditions or retiirna; sigriitiQ :and t
appeals; examining property. trou records; ands appearance" before .the assessor; • beard*
ecpsailization or review, or other governmental agencies responsible for the assessment of pope*
If there ere any: queetiont concerning this authonartion please a4nteet:. 1erfeAowifg:
A copy of any ao>i or apps ., attached to this autherfaitlertfat been provtdad.10 thek
undersigned propeltttaewnetA• for scanned knageolitirignabirir below std cdr di 0*
original signing erthis auk: laid the document cardieinkittioceiglnal signet** wig fe
submitted uportregUeet
Tharaultiorizadonshefi remain effeceveas l►p ss p `bg ai .'1 * w * ravened ins. by ,
overt c The: pereee ligning belowtertiftet that they are duiii`epp ed Welt: representative or
apiMtit4#hea a ner'and that. t ei have the legal capacuy b execute -t ssue-
Title
&tor*_and suhecriblitt:#rei ee Brae: : ..W I&
&tottLNumker_
NIVAAddresa
26936 CR. 47, Kersey
R4100106
84100206
26936 CR 47, Kersey
R4100306
26956 CR47, Kay
14100406
26936 CR47, Kersey
R4100506
26936 CR.47, Kersey
R4100606
26956CR'47. Kersey
R4100706
26936 CR 47. Kersey
841001106
26936 CR 47, Kersey
84100906
26956 CR 47, Kay
Ryan 00
la ovative solutions
to Taxing Problems.
July 15, 2013
CERTIFIED RETURN RECEIPT
7011 1150 0001 8720 8486
Weld County
Board of Equalization
1150 O Street, PO Box 758
Greeley, CO 80631
Re: 2013 Property Protests
5251 DTC Parkway
One DTC
Suite 1045
Greenwood Village, CO 80111
Tel. 720.524.0022
Fax 720.524.0651
www.ryan.com
Enclosed are the 2013 Objection to RS Property Assessments for the fol I owing taxpayers and
parcels numbers:
Taxpayer
LN RS Estate LLC
LN Real Estate L LC
New Windsor Staion LLC
New Windsor Station LLC
New Windsor Station LLC
New Windsor Station LLC
NEW WINDSOR STATION LLC
NEW WINDSOR STATION LLC
REALTY INCOME CORPORATION
Western Equi Rua* Truck Inc
Inland PPD Hudson Associates LLC
Parcel
R0208287
R8372200
R2429803
R2429903
R2430003
R2430303
R2431003
R2431103
120723202014
096124201001
R6775763
If you havequestions, or need additional information, please contact Mr. Ian Janes at (720) 524-
0022.
Sincerely,
Michelle Turner
Senior Analyst
0
0
Greenwood Village, Colorado 80111
7011 1150 0001 8720 8486
00
In
p k '.
O • N
M
coDCD
r '^ 0 00
O • P-+ CD
U W N U
O W 0.
a) 0 .— 4)
O
N
O
CO O
LEASE AGREEMENT
s is a Lease Agreement (the "Lease") by and between the hereinafter -specified
Landlord and Tenant dated to be effective as of the Effective Date set forth herein.
WITNESSETH:
In consideration of the mutual covenants contained herein, Landlord and Tenant agree as
follows:
ARTICLE ONE
DEFINITIONS AND BASIC TERMS
1.1. Definitions and Basic Terms. For the purpose of this Lease, the following terms shall
have the meanings hereinafter specified, as follows:
a. Landlord: WESTERN EQUIPMENT & TRUCK, INC.
b. Tenant: RUSH TRUCK CENTERS OF COLORADO, INC.
c. Leased Premises or Property.
That certain real property located at 26956 WCR 47, Greeley, Colorado
80631, which is more particularly described and outlined. in red on
Exhibit A. which is attached hereto.
d. Base Rent. $10,000 per month.
4/2.005 ( (Q13D 12QO.5)
e. Completion Date; Landlord's Improvements. The "Completion Date" for
Landlord's Improvements" sha11 be that date that Landlord's Improvements have been
Substantially Completed and all permits for the use and operation of the Leased Premises as a
full service truck dealership have been issued by all required Governmental Authorities and
Tenant has the ability to connect to all utilities necessary for Tenant's business operations.
f. Commencement Date. The first day of the first month, which follows the earlier
of: thirty (30) days from the Completion Date of Landlord's Improvements; or, Tenant's
commencement of business operations with the general public.
g. Termination Date. The last day of the 120th month of the Lease, measured from
the Commencement Date of the Lease, or such other earlier date as this Lease is terminated
pursuant to the terms of this Lease.
f
vier 14'11
Lease 062905
Lease Agreement
h. Purpose of Tenancy and Use of Leased Premises. Any lawful purpose,
including a full service truck dealership including, but not limited to, the sale of new and used
trucks and trailers and truck and trailer parts, truck and trailer rentals, truck and trailer service
and repair, including a paint and body shop. It is understood and agreed that one part of the
authorized use is a truck repair facility as well as a body shop, which include the use of oil and
other petrochemical products, paint, solvents and other similar materials and that the processes
and activities of Tenant are to include the repair of damaged trucks, tractors and trailers.
Landlord gives specific approval of Tenant's installation and use of a paint booth, the utilization
of related equipment in Tenant's body shop to be located on the Leased Premises and the
installation and use of above ground storage tanks to hold Hazardous Substances, which are used
in the business operations of Tenant, so long as such use is in compliance with all Governmental
Requirements.
i. Lease Year. The twelve-month period following the Commencement Date of the
lease team, and each subsequent twelve-month period, which follows the annual anniversary date
of the Commencement•Date of the Lease Term.
j. Governmental Requirements. All federal, state and local laws, ordinances,
rules and regulations regarding the construction, use and operation of the Property and Leased
Premises.
k. Effective Date. The date this Lease shall be effective and binding upon the
parties is June 30, 2005.
1. Sublet The term "sublet" shall be deemed to include the granting of licenses,
concessions and other rights of occupancy of any portion of the Leased Premises, excepting only
customary' leased department arrangements under which such leased department is not operated
under which such leased department is not operated under a separate name but is held out to the
public as an integral part of the Leased Premises.
m. Hazardous Substances. The term "Hazardous Substances" includes toxic
substances and are materials and substances, whose use and discharge are regulated by
Applicable Environmental Laws.
n. Discharge. The term "Discharge" shall mean and refer to the release or discharge
of any Hazardous Materials on, under, in, above, to or from the Leased Premises.
o. Remedial Activities. The term "Remedial Activities" shall mean and refer to any
investigation, monitoring, clean up, containment, removal, storage, or restoration work, which
may be required under any Applicable Regulations due to the Existence or Discharge of
Hazardous Substances.
p. Applicable Regulations. The term "Applicable Regulations" means all
regulations issued pursuant to any Environmental Laws.
q. Environmental Laws. The term "Environmental Laws" shall mean all federal,
state, and local laws relating to protection of public health, welfare, and the environment.
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r. Business Day(s). The terms "Business Days" or "Business Days" shall mean any
day of the year other than Saturday, Sunday, and any federal holiday. If the last day to perform
under a provision of this Agreement is other than a Business Day, the time for performance shall
be extended until 5:00 p.m., Denver, Colorado, time, on the next Business Day following such
day.
s. Substantially Completed. The term "Substantially Completed" means where
Landlord's Improvements: have been completed in all material respects in a good and
workmanlike manner; are fully capable of being used in the operation of Tenant's business, with
only minor "punch list" discrepancies remaining; are built in compliance all applicable
Governmental Requirements; and have received all permits required by all applicable
Governmental Authorities for the use of the Leased Premises by Tenant.
t. Governmental Authority or Authorities. The terms "Governmental Authority"
or "Governmental Authorities" means any agency, bureau or department of the United States of
America or the State of Colorado or any political subdivision of the State of Colorado, including,
but not limited to the City of Greeley and the County of Weld as well as any public utility or any
governmental or quasi -governmental corporation.
u. Landlord Improvements. The term "Landlord Improvements" shall mean the
site improvements and building as described and set forth in Schedule 1.1 (n), which is attached
hereto.
v. Tenant Improvements. The term "Tenant Improvements" shall mean the
building alterations and improvements described and set forth in Schedule 1.1 (v), which is
attached hereto.
w. Landlord Construction Period. The term "Landlord Construction Period"
means that period of time between the Start Date and the Commencement Date.
x. Security Deposit. The term "Security Deposit" shall mean the sum of $20,000,
which Tenant shall deposit with Landlord within ten (10) days from the Completion Date.
y. Start Date. The term "Start Date" shall mean that date, which is as soon as is
reasonably practicable after the Effective Date of this Lease, but in no event later than thirty (30)
days from the Effective Date of this Lease.
z. Affiliated Entity or Entities. The terms "Affiliated Entity" and Affiliated
Entities" shall mean any entity, which has Rush Enterprises, Inc., as its majority owner.
ARTICLE TWO
GRANTING CLAUSE
2.1 Grant of Leased Premises. Landlord demises and Leases unto Tenant and Tenant takes
from Landlord, the Leased Premises upon the terms and conditions set forth in this Lease.
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ARTICLE THREE
TERM
3.1 Initial Term of Lease. The initial term of this Lease (the "Initial Term") shall begin on
the Commencement Date and shall terminate on the last day of the last full calendar month of the
Initial Term, which is one hundred twenty (120) calendar months from the Commencement Date
of the Lease of the Initial Term, unless sooner terminated in accordance with the terms and
conditions herein set forth. Any occupancy of the Leased Premises by Tenant prior to the
scheduled Commencement Date shall be subject to all of the terms of this Lease, other than the
payment of Rent, and shall. not affect the Termination Date of the Lease.
3.2 Two Renewal Terms; Tenant's Options. Provided Tenant is not then in default under
the provisions of this Lease, Tenant shall have two (2) successive option of renewing this Lease
for an additional 60 month term (a "Renewal Term"). Such options shall be deemed exercised by
Tenant, unless Tenant gives Landlord written notice, at least 90 days prior to the end of the then
expiring Initial or Renewal Term of the Lease of Tenant's intention not to renew this Lease for
the next Renewal Term. In the event Tenant exercises either of its options to renew this Lease for
the then forthcoming Renewal Term, the Base Rent shall be adjusted to an amount equal to the
"Fair Market Rental Rate" existing as of ninety -days prior to the Commencement Date of such
Renewal Term. Such "Fair Market Rental Rate" shall be determined in accordance with the Fair
Market Rental Rate Rider attached hereto as Exhibit B.
ARTICLE FOUR
RENT AND OTHER AMOUNTS TO BE PAID BY TENANT
4.1 Payment of Base Rent and Other Sums Due. Tenant shall pay to Landlord the Base
Rent described in Sub -Article 1.1(d), each month in advance, on the first day of each calendar
month during the Lease Term, commencing on the Commencement Date of the Lease. All
payments of Base Rent, and all other payments required of Tenant hereunder, shall be paid to
Landlord at the address designated in Article 17 or at such other place as Landlord may from
time to time designate in writing.
4.2 Additional Rent Amounts. To pay to the Landlord those items listed below, which
amount will be considered as additional Rent, and shall be due on the presentation of the
appropriate bill to the Tenant; (1) all taxes, assessments, and other governmental charges which
are levied against and may create a statutory lien upon the Leased Premises which are levied or
assessed during the term of this Lease (excluding any interest or penalties, which are assessed or
become due as the result of the failure of Landlord to have made any payment on a timely basis
and excluding any assessments or other charges, which are assessed by any Governmental
Authority due to the actions or inaction of Landlord); (ii) all premiums for fire and extended
coverage insurance, property damage, and liability insurance in such amounts as the Landlord
may reasonably require; and (iii) except as specifically allocated to Landlord pursuant to this
Lease, all costs and expenses of repairing and maintaining the building, all of its components and
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all land surrounding the building. In lieu of paying Landlord for taxes and insurance, Tenant may
have the tax accounts placed in Tenant's name, secure insurance through Tenant's carrier and
pay for all taxes, assessments and insurance directly to the appropriate taxing authority and
insurance carrier.
4.3 Liability for Returned Checks. Tenant shall also be liable to Landlord in the amount of
$25.00, for any check, which is returned to Landlord unpaid, for whatever reason, after Landlord
has deposited the same collection. Tenant agrees that such charges are necessary and reasonable
in light of the expenses and loss of income caused by such returned check. In such event, Tenant
will pay, within 24 hours of having received notice of the return of a check, the following
amounts: the amount of such returned check; the $25.00 charge for the return of such check; and
any late charge which may be then due as the result of the payment represented by such check,
not having been made due to the return of such check. Such amounts will be paid by means of
cashier's check or wire transfer. -
4.4 Acceptance of Partial Payment. Landlord may accept any partial payment check with
any conditional endorsement without prejudice to his right to recover the balance remaining due,
or to pursue any other remedy available under this Lease. The acceptance of such check with
any notations or endorsements thereon shall not constitute a modification to any of the terms of
this Lease..
4.5 Contesting Tax Assessments. Tenant may in good faith, in lieu of paying such real
property taxes and assessments as they come due and payable, by appropriate proceedings,
contest their validity. Pending such contest, Tenant shall not be deemed in default under this
Lease because of such nonpayment if: (a) prior to delinquency of the asserted tax or assessment,
(i) Tenant furnishes Landlord an indemnity bond secured by a deposit in cash or other security
reasonably acceptable to Landlord, or with a surety reasonably acceptable to Landlord, in the
amount of the tax or assessment being contested by Tenant or (ii) Tenant complies with any
procedure allowed by the laws of the State of Colorado in the case of tax contests for depositing
cash or other security with the registry of a court or with the taxing appropriate authority pending
a contest of such taxes; and (b) Tenant promptly pays any amount adjudged by a court of
competent jurisdiction to be due, with all costs, penalties and interest thereon when such
judgment becomes final.
4.6 Security Deposit. Landlord hereby acknowledges that the Security Deposit described in
Article One hereof to be received and held by Landlord, will be held by Landlord without
interest as security for the performance by Tenant of Tenant's covenants and obligations under
this Lease, it being expressly understood that such Security Deposit is not an advance payment of
rental or a measure of Landlord's damages in case of default by Tenant. If Tenant is not then in
default upon the termination of this Lease for any reason, any remaining balance of such Security
Deposit shall be returned by Landlord to Tenant following the termination of this Lease. The
Security Deposit may be assigned and transferred by Landlord to any successor in interest of
Landlord; and, upon acknowledgement by such successor of receipt of such Security Deposit and
its express assumption of the obligation to account to Tenant for such Security Deposit in
accordance with the terms of this Lease, Landlord shall thereby be discharged of any further
obligation relating thereto.
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ARTICLE FIVE
USE OF PREMISES
5.1 Use of Premises. The Leased Premises may be used and occupied for the purpose or
purposes specified in Section 1.1. Tenant shall use and occupy the Leased Premises in a careful,
safe and proper manner and shall keep the same in a clean and safe condition.
5.2 Limitations on Tenant's Use. Tenant shall not use or permit the use of the Leased
Premises in violation of any Governmental Requirement. Tenant shall not use or occupy, or
permit anything to be done in or about the Leased Premises, or any party thereof, that would
cause, or be likely to cause, structural injury or damage to the Leased Premises, or any party
thereof.
5.3 Permits, Licenses and Compliance with Governmental Requirements. Provided
Landlord has constructed Landlord's Improvements in a good and workmanlike manner in
accordance with all Governmental Requirements, Tenant shall procure at its own expense any
permits and licenses (including, but not limited to, a Certificate of Occupancy) required for the
transaction of business in the Leased Premises and shall otherwise comply with all applicable
laws, ordinances and governmental regulations, including, but not limited to maintaining
compliance with the American with Disabilities Act.
ARTICLE SIX
SIGNS
6.1 Tenant's Sign. Tenant may, at Tenant's expense, erect, install and maintain signs on or
about the Leased Premises, or on the exterior of any buildings located on the Leased Premises,
the number, size and design of which shall be in the sole discretion of Tenant so long as they
comply with Governmental Requirements.
ARTICLE SEVEN
UTILITIES
(a) 7.1 Utility Facilities. Landlord shall provide the mains, conduits and other
facilities necessary to supply water, gas, electricity, telephone service and septic sewage service
to the Leased Premises. Tenant shall pay at its sole cost the sums required to have such services
connected to the Leased Premises, including any security deposits, and shall have all such
accounts placed in Tenant's name prior to occupancy of the Leased Premises. Upon such time as
Landlord is required to connect the property adjoining the Leased Premises to a public sewer
system, Landlord, at Landlord's sole cost and expense, will take such action and construct such
improvements as are required to connect the Leased Premises to such public sewer system.
7.2 Utility Charges. Tenant shall promptly pay all charges and deposits for electricity,
water, gas, telephone service, sewage service and other utilities furnished to the Leased
Premises.
7.3 Interruptions in Service; No Liability. Unless caused by the actions of Landlord,
Landlord shall not be liable for any interruption whatsoever in utility services not furnished by it,
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nor for interruptions in utility services fuuiished by it which are due to fire, accident, strikes, acts
of God or other causes beyond the control of Landlord or in order to make alterations, repairs or
improvements.
ARTICLE EIGHT
PERSONAL PROPERTY AND PERSONAL PROPERTY TAXES
8.1 Personal Property Taxes; Tenant's Obligation., Tenant shall be liable for all taxes
levied against personal property and trade fixtures placed by Tenant in the Leased Premises. If
any such taxes for which Tenant is liable are levied against landlord or Landlord's property and
if Landlord elects to pay the same or if the assessed value of Landlord's property is increased by
inclusion of personal property and trade fixtures placed by Tenant in the Leased Premises and
Landlord elects to pay the taxes based on such increase, Tenant shall pay to Landlord upon
demand that part of such taxes for which the Tenant is primarily liable hereunder.
ARTICLE NINE
CONSTRUCTION, MAINTENANCE. REPAIRS AND ALTERATIONS
9.1 Construction of Landlord Improvements; Access of Tenant to Leased Premises
during Construction Period. Landlord shall commence the construction of the Landlord
Improvements on the Start Date and thereafter use reasonable diligence in the prosecution of the
completion of Landlord's Improvements. Landlord shall complete the Landlord Improvements
on or before March 31, 2006. Landlord shall, at the request of Tenant, provide Tenant with
reasonable access to the Leased Premises during the Landlord Construction Period in order for
Tenant to initiate and construct the Tenant Improvements, provided that Tenant coordinates its
construction activities with Landlord's contractor so as not to unreasonably interfere with the
construction of Landlord's Improvements.
9.2 Maintenance Obligations of the Parties. Landlord shall maintain and keep in good
repair:
a. Structure. The foundation, roof and support structure of the Leased Premises;
and
b. Utility Facilities. Sewage, gas, electric and water facilities serving the Leased
Premises from the property line of the entire premises to the meter box, in the event such utilities
are separately metered; and from the property line of the entire premises to the point of their
entry into the Leased Premises in the event such utilities are not separately metered.
Provided, however, (i) Landlord shall not have to pay for any repairs caused by the willful or
negligent act of Tenant, its agents or employees or caused by roof repairs required as a result of
work on the air conditioning equipment and (ii) Landlord will have no obligation to make any
repairs until it receives written notice from Tenant of any damage. Tenant shall maintain and
keep all of the remainder of the Leased Premises in good repair. Tenant shall further make all
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other repairs to the Leased Premises made necessary by Tenant's failure to comply with its
obligations under this Article. Tenant is responsible for all pest control efforts within the Leased
Premises. However, Tenant is not required to make capital improvements. Tenant's
responsibility of "maintenance and repair" is limited to maintaining the condition of the
property, including improvements and appurtenances, as existed upon the Commencement
Date. In case any dispute shall arise at any time between Landlord and Tenant as to the standard
of care and maintenance of the Property, such dispute shall be determined by arbitration as
provided for in this Lease; provided that if the requirement for making repairs or replacements is
imposed by any Governmental Authority or the holder of any mortgage to which this Lease is
subordinate, then such requirement for repairs or replacements shall be complied with by Tenant
and shall not be considered an arbitrable dispute. Tenant, however, shall have the right to
dispute or contest the validity, application or reasonableness of any such requirement and
Landlord shall afford to Tenant reasonable cooperation in this connection.
9.3 Tenant Alterations; Requirements. Other than for Tenant's Improvements referenced
in Article 1.1(v), Tenant shall not snake alterations, additions or improvements to the Leased
Premises without the prior consent of Landlord, except for unattached movable trade fixtures,
which may be installed without drilling, cutting or otherwise defacing the Leased Premises. All
alterations, additions and improvements which may be made or installed by either party hereto
upon the Leased Premise shall remain upon and be surrendered with the Leased Premises and
become the property of Landlord at the termination of this Lease unless Landlord requests their
removal, in which event Tenant shall remove the same and restore the premises to their original
condition at Tenant's expense. Further, the right of removal granted herein shall not extend to
any item which is a part of any building system, which is incorporated, in whole or in part, into
the building itself, including, but not limited to, electrical, heating and air conditioning and
communications, regardless of whether the same is classified as fixtures, machinery or
equipment, removable or otherwise.
9.4 Governmental Requirements; Compliance. Landlord and Tenant shall conform to, and
comply with, all Governmental Requirements in the performance of their work and construction
of any alterations and/or improvements.
9.5 Right of Entry and Inspection. Landlord (and any mortgage or Deed of Trust
beneficiary as to the Leased Premises) will have a right to enter the Leased Premises at any
reasonable time to inspect the condition thereof, to make necessary repairs and improvements, or
to repair or maintain pipes, wires, and other facilities serving its nearby property and for other
lawful purposes; provided however, such right shall not be exercised in a manner which would
unreasonably interfere with Tenant's conduct of its business at the Leased Premises.
9.6 Liens. Should any mechanic's liens or other liens or affidavits claiming liens being filed
against the Leased Premises or any portion thereof or interest therein for any reason whatsoever
incident to the act or omissions of Tenant or any contractor of Tenant or any such contractor's
subcontractor or any laborer performing labor or materialman furnishing materials at or for the
Leased Premises, Tenant shall cause the same to be canceled and discharged of record by
payment, bonding or otherwise within fifteen (15) days after notice by Landlord, or at such
earlier time as is necessary to prevent the foreclosure thereof.
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ARTICLE TEN
INDEMNITY AND INSURANCE
10.1 Landlord's Limitation of Liability for Acts of Tenant, etc. Landlord shall not be
liable to Tenant or to Tenant's employees, agents, guests or invitees or to any other person
whosoever, for any injury to persons or damage to property on or about the Leased Premises
caused by the negligence or misconduct of Tenant, its employees, subtenants, licensees and
concessionaires or of any other person entering the Property under express or implied invitation
of Tenant or arising out of the use of the Leased Premises by Tenant and the -conduct of its
business therein or arising out of any breach or default by Tenant in the performance of its
obligations hereunder, and Tenant hereby agrees to indemnify and hold Landlord harmless from
any damages or expenses arising out of or caused by a burglary, theft or other illegal acts
performed in the Leased Premises.
10.2 Tenant's Limitation of Liability for Acts of Landlord, etc. Tenant shall not be liable
to Landlord or to Landlord's employees, agents, guests or invitees or to any other person
whosoever, for any injury to persons or damage to property on or about the Leased Premises
caused by the negligence or misconduct of Landlord, its employees, licensees and
concessionaires or of any other person entering the Property under express or implied invitation
of Landlord or arising out of the use of the Leased Premises by Landlord and the conduct of its
business therein or arising out of any breach or default by Landlord in the performance of its
obligations hereunder.
10.3 Liability Insurance; Tenant's Obligation. Tenant shall procure and maintain
throughout the term of this Lease a policy or policies of insurance, at its sole cost and expense,
insuring Tenant and Landlord against any and all liability for injury to or death to a person or
persons, and for damage to or destruction of property occasioned by or arising out of or in
connection with the use or occupancy of the Leased Premises, or by the condition of the Leased
Premises, the Jimits of such policy or policies to be in an amount not less than $500,000.00 for
an individual claim from any single or specific cause and $1,000,000.00 combined single limit
bodily injury and property damage.
10.4 Limitations of Liability Resulting from Accident or Occurrence. Landlord and
Landlord's agents and employees shall not be liable to Tenant for any injury to person or damage
to property sustained by Tenant resulting from any accident or occurrence in the Leased
Premises or on the Property including, but not limited to, injury or damage, including, but not
limited to consequential damage, caused by the Leased Premises or other portions of the
Property becoming out of repair or by defect in or failure of equipment, pipes, or wiring, or by
broken glass, or the breaking up of drains or by gas, water, steam, electricity or oil leaking,
escaping or flowing into the Leased Premises (except where due to landlord's willful conduct or
gross negligence or Landlord's negligent failure to make repairs required to be made by
Landlord hereunder, after the expiration of a reasonable time after written notice to Landlord of
the need for such repairs. As used in the Article 10.4, the term "Landlord" shall include
Landlord's employees, licensees and concessionaires or of any other person entering the
Property under express or implied invitation of Landlord.
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10.5 Fire and Extended Coverage Insurance. Tenant shall obtain and maintain, at Tenant's
expense, a policy or policies of insurance generally termed in the insurance trade as "fire and
extended coverage" policies (the "Casualty Insurance Policy", insuring against all losses and/or
damages to any and all building and improvements upon the Leased Premises, resulting from
fire, windstorm or other casualty, in an amount not less than the full insurable value thereof, and
in an amount, which will be sufficient to prevent any party in interest from being or becoming a
co-insurer on any part of the risk. All such Casualty Insurance Policies shall include the name of
Landlord as one of the parties insured thereby and shall insure both Landlord and Tenant as their
respective interests may appear.
10.6 Waiver of Subrogation. All Casualty Insurance Policies and broiler insurance carried
either by Landlord or Tenant covering losses arising out of the destruction or damage to the
Leased Premises or its contents or to together portions of the Property shall, to the extent
Tenant's insurance carrier will consent to the same, provide for a waiver of rights of subrogation
against Landlord and Tenant on the part of the insurance carrier and to the extent, but only to the
extent that such insurance shall require a release of the claim of the insured against the other
party for losses arising out of the hazard covered thereby such claims shall be deemed released
and provided that such waiver shall not operate in any case where the effect is to invalidate or
increase the cost of such insurance coverage (provided, that in the case of increased cost, hereby
keeping such waiver in full force and effect).
10.7 Certificates of Insurance. Tenant shall deliver to Landlord certificates of all insurance
required hereunder. All insurance policies required of Tenant hereunder shall contain a written
obligation on the part of the insurance company to notify Landlord at least ten (10) days prior to
cancellation of such insurance. If Tenant shall fail to comply with any of the requirements
herein contained relating to insurance, Landlord may obtain such insurance and Tenant shall pay
to Landlord on demand as additional rent hereunder the premium cost hereof.
10.8 Mutual Releases of Covered Claims. Landlord and Tenant and all parties claiming
under them mutually release and discharge each other from all claims and liabilities arising from
or caused by any casualty or hazard covered or required hereunder to be covered in whole or in
part by insurance on the Leased Premises or in connection with property on or activities
conducted on the Leased Premises, and waive any right of subrogation which might otherwise
exist in or accrue to any person on account thereof, provided that such release shall not operate in
any case where: (i) the effect is to invalidate or increase the cost of such insurance coverage
(provided, that in the case of increased cost, hereby keeping such release and waiver in full force
and effect): or (ii) such insurance has not, in fact, been obtained.
ARTICLE ELEVEN
CASUALTY DAMAGE
11.1 Notice of Casualty. Tenant shall give immediate written notice to Landlord of any
damage caused to the Leased Premises by fire or other casualty.
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11.2 Payment of Insurance Proceeds. Subject to the right of Tenant to require the use the
proceeds of Casualty Insurance Policy or Policies payable as the result of any casualty to the
buildings and improvements located on the Leased Premises (other than proceeds paid as the
result of the damage or destruction to Tenant improvements), in order to restore, repair and
reconstruct such buildings and improvements and the obligations of Landlords to restore, repair
and reconstruct such buildings and improvements using such insurance proceeds, such proceeds
of insurance shall be payable to Landlord.
11.3 Casualty; Repair of Premises. In the event that the Leased Premises shall be damaged
or destroyed by fire or other casualty insurable under the Casualty Insurance Policy or Policies
covering the Leased Premises and Landlord does not elect to terminate this Lease as herein
provide, Landlords, to the extent the proceeds of such Casualty Insurance Policy or Policies are
paid to Landlord, shall proceed with reasonable diligence and at its sole cost and expense to
rebuild and repair the Leased Premises. If the building in which the Leased Premises are located
shall be damaged or destroyed (i) by fire or other casualty so as to render untenantable more than
fifty percent (50%) of the floor area of the entire building in which the Leased Premises are
located, (ii) by a cause not insurable under the Casualty Insurance Policy or Policies, (iii) in such
a manner that the proceeds of insurance are insufficient to rebuild and repair the Leased Premises
to its condition existing immediately prior to the casualty causing such damage and/or
destruction, then Landlord may elect to either terminate this Lease or to proceed to rebuild and
repair the Leased Premises. Landlord shall give written notice to Tenant of such election within
sixty (60) days after notice of the occurrence of such casualty and if it elects to rebuild and
repair, shall proceed to do so with reasonable diligence and at its sole cost and expense. If
Landlord elects to terminate the Lease, Tenant may avoid such termination by agreeing to pay
any sums beyond the proceeds of insurance available for reconstruction and, in such event,
Tenant may avoid such termination by agreeing to pay any sums beyond the proceeds of
insurance available for reconstruction and, in such event, Tenant may rebuild the destroyed
improvements and Landlord shall deliver the insurance proceeds to Tenant for such purpose on a
monthly basis, upon receipt, of reasonable proof of the incurring of expenses by Tenant in the
reconstruction of the damaged or destroyed improvements and the payment therefore by Tenant.
1.1.4 Landlord's Obligation to Rebuild and Repair; Limitations. Landlord's obligation to
rebuild and repair under this Article Eleven shall be limited to restoring the Teased Premises to
substantially the condition in which the same existed prior to the casualty, and Tenant agrees that
promptly after completion of such work by Landlord, it will proceed with reasonable diligence
and at its sole cost and expense to rebuild, repair and restore all Tenant Improvements to
substantially the condition in which the same existed prior to casualty.
11.5 Continuance of Lease; Abatement of Base Rent. During any period of reconstruction
or repair of the Leased Premises, this Lease shall continue in full force and effect except that the
Base Rent shall be abated for the length of time necessary for the reconstruction or repairs. If
less than all of the building located on the Leased Premises are damaged or destroyed and Tenant
is able to continue its business operations, the Base Rent shall be abated in the same proportion
by which Tenant's business operations are interrupted or curtailed due to such casualty.
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ARTICLE TWELVE
EMINENT DOMAIN
12.1 Condemnation of Significant Portion of Leased Premises; Termination of Lease. If
more than twenty percent (20%) of the floor area of any buildings located on the Leased
Premises should be taken for any public or quasi -public use under any governmental law,
ordinance or regulation or by right of eminent domain or by private purchase in lieu thereof, if
more than twenty percent (20%) of any parking area of the Leased Premises should be taken for
any public or quasi -public use under any governmental law, ordinance or regulation or by right
of eminent domain or by private purchase in lieu thereof, or if due to the area of the Leased
Premises taken, Tenant's activities are likely to be materially adversely affected, any of such
events being deemed a "Significant Condemnation", then, at the option of Tenant, Tenant may
terminate this Lease and the Base Rent shall be abated during the unexpired portion of this
Lease, effective on the date physical possession is taken by the condemning authority.
12.2 Other Condemnation. If any of the Leased Premises should be taken for any public or
quasi -public use under any governmental law, ordinance or regulation or by right of eminent
domain, or by private purchase in lieu thereof, which is other than a Significant Condemnation,
this Lease shall not terminate. However, the minimum guaranteed rental (but not percentage or
additional rental) payable hereunder during the unexpired portion of this Lease shall be reduced
in proportion to the area taken compared to the entire Leased Premises, effective on the date
physical possession is taken by the condemning authority and Landlord shall make all necessary
repairs or alterations within the scope of Landlord's Work necessary to make the Leased
Premises and any building and improvement located thereon, an architectural whole.
12.3 Election to Terminate. All compensations awarded for any taking (or the proceeds of
private sale in lieu thereof) whether for the whole or a part of the Leased Premises shall be the
property of Landlord, whether such award is compensation for damages to Landlord's or
Tenant's interest in the Leased Premises, and Tenant hereby assigns all of its interest in any such
award to landlord; provided, however, Landlord shall have no interest in any award made to
Tenant for loss of business or for the taking of Tenant's fixtures and other property within the
Leased Premises if a separate award for such items is allowable by law.
ARTICLE THIRTEEN
DEFAULT BY TENANT AND SECURITY DEPOSIT
13.1 Events of Default. Any of the following events shall be deemed to be "Events of
Default" by Tenant under this Lease:
a. Failure to Pay Base Rent after Notice. Tenant shall fail to pay any installment
of Base Rent or other monetary sum due within ten (10) days after having received notice from
Landlord that the payment of such Base Rent or other monetary sum is past due;
b. Failure to Comply with Terms after Notice. Tenant shall fail to comply with
any term, provision, or covenant of this Lease, other than the payment of Base Rent, and shall
not cure such failure within twenty (20) after written notice thereof to Tenant;
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c. Insolvency of Tenant. Tenant shall become insolvent, or shall make a transfer in
fraud or creditors, or shall make an assignment for the benefit of creditors;
d. Petition in Bankruptcy. Tenant shall file a petition under any section or chapter
of the National Bankruptcy Act, as amended, or under any similar law or statute of the United
States or any state thereof; or Tenant shall be adjudged bankruptcy or insolvent in proceedings
filed against Tenant thereunder; or
e. Appointment of Receiver. A receiver or trustee shall be appointed for all or
substantially all of the assets of Tenant.
Notwithstanding the provisions of Article 14.1(b) above, if due to the nature of the
noncompliance, such noncompliance can not be cured within twenty (20) days after written
notice, despite Tenant's diligent efforts to cure such noncompliance, such noncompliance shall
not be an Event of Default if Tenant commences its efforts to cure such noncompliance within
such twenty (20) day period. and thereafter diligently continues its efforts to cure such
noncompliance until such noncompliance is cured:
13.2 Remedies Upon Default. Upon the occurrence of any of such listed Events of Default,
Landlord shall have the option to pursue any one or more of the following remedies without any
notice or demand whatsoever:
a. Terminate Lease. Terminate this Lease, in which event Tenant shall
immediately surrender the Leased Premises to Landlord and Tenant agrees to pay the Landlord
on demand the amount of all loss and damage which Landlord may suffer by reason of such
termination whether through inability to re -let the Lensed Premises on satisfactory terms or
otherwise.
b. Take Possession and Re -let of Leased Premises. Enter upon and take
possession of the Leased Premises and expel or remove Tenant any other person who may be
occupying said Leased Premises or any part thereof, and re -let the Leased Premises and receive
the rent therefore; and Tenant agrees to pay to Landlord on demand any deficiency that may arise
by reason of such re -letting.
c. Enter into Possession; Cure Tenant's Default; Store and Dispose of Property.
Enter upon the Leased Premises, and do whatever Tenant is obligated to do under the terms of
this Lease; and Tenant agrees to reimburse Landlord on demand for any expenses which
Landlord may incur in this effecting compliance with Tenant's obligations under this Lease, and
Tenant further agrees that Landlord shall not be liable for any damages resulting to the Tenants
from such action, whether caused by the negligence of Landlord or otherwise. Upon the re-
entering of the Leased Premises, Landlord may remove all or any part of the personal property of
Tenant remaining on the Leased Premises and store the same at Tenant's expense. If said Tenant
does not claim personal property remaining on the Leased Premises within sixty (60) days after
such entry, title to the same shall vest in Landlord. Tenant shall be obligated to return all keys to
the Leased Premises to Landlord upon Landlord's re-entering of said Leased Premises.
13.
Lease Agreement
******
Pursuit of any of the foregoing remedies shall not preclude pursuit of any of the other remedies
herein provided or any other remedies provided or allowed by law, nor shall pursuit of any of the
other remedies herein provided constitute a forfeiture or waiver of any rent due to Landlord
hereunder or of any damages accruing to Landlord by reason of the violation of any of the terms,
provisions and covenants herein contains. Forbearance by Landlord to enforce one or more of
the remedies herein provided upon an Event of Default shall not be deemed or construed to
constitute a waiver of such default.
ARTICLE FOURTEEN
LANDLORD'S LIEN
14.1 Security Agreement. This instrument shall constitute a security agreement under the
Uniform Commercial Code of the State of Colorado which shall secure the liens of the Landlord
herein retained which shall at all times be a valid lien for all rentals and other sums of money
becoming due hereunder from Tenant, upon all goods, wares, equipment, fixtures, furniture, and
other personal property of Tenant situated on the Leased Premises, except as provided in Article
14.2 herein below, and such property shall not be removed therefrom without the consent of
Landlord until all arrearages in rent as well as any and all other sums of money then due to
Landlord hereunder shall first have been paid and discharged.
14.2 Exemption from Landlord's Lien. Notwithstanding the provisions of Article 14.1
above, certain property of Tenant located on the Leased Premises as described below (the
"Exempt Property"), shall be exempt from provisions of Article 14.1, any statutory landlord's
lien and the Landlord's Lien granted pursuant to such Article 14.1. The Exempt Property is as
follows:
a. All of Tenant's trade fixtures, copiers, telephone systems, supplies, maintenance
equipment, computers and other data processing equipment
b. All of Tenant's parts inventory and inventory of motor vehicles, trucks, trailers
and heavy equipment;
c. All other goods, equipment and inventory held by Tenant (whether at the Leased
Premises or elsewhere) for sale, lease, loan or demonstration in the ordinary course of business
of Tenant's business;
d. All property of Tenant pledged as security for any purchase money financing;
e. All property of Tenant pledged as security for any financing obtained in the
operation of Tenant's business; and
f. All property of Tenant held at any location other than the Leased Premises.
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Lease Agreement
******
Tenant waives any claim of any landlord's lien, contractual and/or statutory, against the Exempt
Property listed above and agrees, upon request of Tenant, to execute a written acknowledgement
of the exemption of any of the foregoing Exempt Property from such landlord liens.
14.2 Remedies Under Code. In addition to the remedies granted by law, Landlord shall have
and may exercise with respect to said collateral all of the rights, remedies and powers of a
secured party under the Uniform Commercial Code including, without limitation, the right and
power to sell, at public or private sale or sales, or otherwise dispose of, lease or utilize, the
collateral and any part or parts thereof in any manner authorized or permitted under said code
upon default by Tenant. At Landlord's request, Tenant shall execute and deliver to Landlord a
financing statement appropriate for use under the Uniform Commercial Code ("the Code"), as
such Code is enacted in the State in which the Leased Premises is located, or a signed
counterpart of this agreement or the short form thereof may be used as such financing statement.
ARTICLE FIFTEEN
SUBORDINATION AND MORTGAGEE'S REQUIREMENTS
15.1 Subordination of Lease. Tenant accepts this Lease subject and subordinate to any
mortgage presently existing upon the Leased Premises or upon the property and to any renewals
and extensions thereof, but Tenant agrees that any mortgagee shall have the right at any time to
subordinate this Lease to such mortgage on such terms and subject to such conditions as the
mortgagee may deem appropriate in its discretion. Landlord is hereby irrevocably invested with
full power and authority, if it so elects at any time, to subordinate this Lease to any mortgage
hereafter placed upon the Leased Premises or upon Property, and Tenant agrees upon demand to
execute such further instruments subordinating this Lease as landlord may request. Such
subordination shall be upon the express condition that upon foreclosure, exercise of power of
sale or other exercise of the mortgagee's rights, Tenant's possession of the Leased Premises shall
not be disturbed so long as Tenant shall continue to perform all of the covenants and conditions
of this Lease and that Tenant's obligations to perform such covenants and conditions shall not be
in any way diminished thereby.
15.2 Mortgagor Certificates. In the event a mortgagee or prospective mortgagee should so
require, Tenant shall deliver to Landlord, from time to time, for delivery to such mortgagee:
a. Acknowledgment of Assignment of Rentals. An acknowledgement of the
assignment of rentals and other sums due hereunder to the mortgagee and agreement to be bound
thereby;
b. Agreement for Notice to Mortgagee. An agreement requiring Tenant to advise
the mortgagee of damage to or destruction of the Leased Premises by fire or other casualty
requiring its reconstruction and/or requiring Tenant to give the mortgagee written notice of
Landlord's default hereunder and to permit the lender to cure such default within a reasonable
time after such notice before exercising any remedy Tenant might possess as a result of such
default;
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Lease Agreement
c. Estoppel Letter. An acceptance or estoppel letter to be executed only upon the
commencement of the lease term, accepting the premises as completed in accordance with the
lease specifying that all conditions to the commencement of the lease term have been met, and
that Landlord is not in default of its obligations thereunder, if such be the case, and containing
such other information as are customarily contained in such acceptance or estoppel letters.
15.3 Certificate. In the event Landlord should so request, Tenant shall deliver to Landlord,
from time to time, a statement in recordable form, certifying that: the Lease is unmodified and in
full force and effect (or if there have been modifications, the Lease is in full force and effect as
so modified); and, Landlord is not in default of its obligations thereunder, if such be the case.
The statement shall contain such information as is customarily contained in such lease
verification or estoppel letters and shall further stating the dates to which rent and other charges
payable under the Lease have been paid.
ARTICLE SIXTEEN
ASSIGNMENT AND SUBLETTING
16.1 Right of Lease Assignment by Tenant. Tenant and Tenant's legal representatives or
successors in interest by operation of law or otherwise, shall not have the right to assign or
mortgage this Lease, or sublet the whole or any party of the Leased Premises or permit the
Leased Premises or any part thereof to be used or occupied by others without the written consent
of Landlord, which will not be unreasonably withheld. Notwithstanding the foregoing, Tenant
shall be entitled to assign its interest in the Leased Premises under the Lease or sublet the Leased
Premises, or any part thereof, to any other Affiliated Entity or Entities.
16.2 Liability of Tenant after Assignment Notwithstanding any such assignment, mortgage
or sub -leasing of the Leased Premises or any portion thereof, Tenant shall remain fully liable for
all Base Rent and other sums due under this Lease and the performance of all obligations of the
Tenant provided for by this Lease.
16.3 Effect of Violation. Any violation of any provision of this Lease, whether by act or
omission, by any assignee, subtenant or occupant, shall be deemed a violation of such provision
by the Tenant, it being the intention and meaning of the parties hereto that the Tenant shall
assume and be liable to the Landlord for any and all acts and omissions of any and all assignees,
subtenants and occupants.
ARTICLE SEVENTEEN
NOTICES
17.1 Notices. All notices, requests, demands and other communications required or permitted
to be given hereunder shall be in writing and shall be deemed to have been duly given if
delivered personally, given by overnight delivery service, prepaid telex or telegram or by
facsimile or other similar instantaneous electronic transmission device or deposited in the United
States mail, certified or registered mail, postage prepaid, return receipt requested, as follows:
16
Lease Agreement
a. IF TO I.,ANDLORD:
Mailing Address:
Western Equipment & Truck, Inc.
2055 1st Avenue
Greeley, Colorado 80631
b. IF TO TENANT:
Mailing Address:
Rush Truck Centers of Colorado, Inc.
c/o Rush Administrative Services, Inc.
P.O. Box 34630
San Antonio, Texas 78265
Attention: Legal Department
Facsimile Number: (830) 626-5307
Physical Address:
Rush Truck Centers of Colorado, Inc.
do Rush Administrative Services, Inc.
555 IH 35 South
New Braunsfels, Texas 78130
Provided that any party may change its address for notice by giving the other party written notice
of such change. Any notice given under this Article 17.1 shall be effective when received at the
address for notice for the party to which the notice is given.
ARTICLE EIGHTEEN
ENVIRONMENTAL COVENANTS
18.1 Compliance with Environmental Laws. Tenant represents, warrants, and covenants to
Landlord throughout the term, that Tenant is and agrees to remain in compliance with all
applicable Environmental laws with respect to Tenant's use and occupancy of the Leased
Premises. Tenant agrees to cause all of its employees, agents, contractors, sub -Tenants,
assignees, and any other persons occupying or present on the Leased Premises ("Occupants") to
comply with all Environmental laws application to their activities in and around the Leased
Premises.
18.2 Use of Hazardous Substances; Remedial Activities. Specifically, Tenant shall not
store, keep or use Hazardous Substances on the premises except those substances, which are used
in the operation of Tenant's business. Should Tenant cause or allow the Discharge of Hazardous
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Lease Agreement
Substances during the term of this lease, Tenant shall conduct Remedial Activities, at Tenant's
cost, as required to satisfy all federal, state and local environmental regulatory agencies. If any
Remedial Activity is required of Tenant due to the provisions of this Lease, Tenant shall
promptly cause such Remedial Activity to be performed.
18.3 Tenant's Obligation of Environmental Indemnification. Tenant shall indemnify,
defend and hold Landlords harmless from and against any loss, cost, expense, claim or liability
arising out of or in connection with any Remedial Activity which is required due to the existence
or discharge of Hazardous Substances, which occurs on or after the Effective Date of this Lease
and during the period of this Lease and/or Tenant's occupancy of the Leased Premises; provided
such existence or discharge is not due to migration of such Hazardous Substances from property
other than the Leased Premises or due to the acts of Landlord or others, which occurred prior to
the Effective Date of this Lease. Tenant shall indemnify, defend and hold Landlord harmless
from and against any loss, cost, expense, claim or liability arising out of or in connection of any
claims of third parties for loss, expense or damage arising out of or in connection with the
existence or discharge of any Hazardous Substances, which occurs during the term of the Lease
and/or Tenant's occupancy of the Leased Premises; provided such existence or discharge is not
due to migration of such Hazardous Substances from property other than the Leased Premises or
due to the acts of Landlord or others, which occurred prior to the Effective Date of this Lease.
Further, Tenant indemnifies Landlord against any penalties or costs assessed by any state or
federal regulatory agency against Landlord for Discharges caused or permitted by Tenant, or any
of Tenant's employees, agents, licensees or invitees and any losses, damages, or costs incurred
by Landlord as the result of such discharges.
18.4 Landlord's Obligation of Environmental Indemnification. Landlord shall indemnify,
defend and hold harmless from and against any loss, cost, expense, claim or liability arising out
of or in connection with any Remedial Activity which is required due to the existence or
discharge of Hazardous Substances or any claim, lawsuit or other action, which is brought
against Tenant, relating to any use, storage, discharge or existence of any Hazardous Substances,
which occurred prior to the Effective Date of this Lease and Tenant's occupancy of the Leased
Premises or which is due to migration of such Hazardous Substances from property other than
the Leased Premises. Landlord shall indemnify, defend and hold Tenant harmless from and
against any loss, cost, expense, claim or liability arising out of or in connection any claims of
third parties for loss, expense or damage arising out of or in connection with the existence or
discharge of any Hazardous Substances, which occurred prior to the Effective Date of the Lease
and Tenant's occupancy of the Leased Premises or which is due to migration of such Hazardous
Substances from property other than the Leased Premises.
Further, Landlord indemnifies Tenant against any penalties or costs assessed by any state or
federal regulatory agency against Tenant for Discharges caused or permitted by Landlord, or any
of Tenant's employees, agents, licensees or invitees, or which occurred prior to the Effective
Date of this Lease, and against any losses, damages, or costs incurred by Landlord as the result
of such discharges.
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Lease Agreement
******
18.5 Covered Costs. The costs incurred, which are covered by the indemnity obligations set
forth in this Article include, but are not limited to, any attorney's fees or other costs incurred by a
party in investigating and/or remediating any discharges or investigating and/or defending
against any claims, actions or proceedings asserted against such party or in which party is joined
as a party, which relate to such discharges.
ARTICLE NINETEEN
RIGHT OF EARLY TERMINATION
19.1 Right of Early Termination. Notwithstanding any other provision of this Lease, should.
the Swift Processing Plat, located at 800 North Eighth Avenue, Greeley Colorado 80632,
formerly the Monfort Packing Plant, close or substantially reduce its operations for whatever
reason during the Initial or any Renewal Term of this Lease, Tenant shall have the option, , at
any time thereafter, to terminate this Lease, provided Tenant is not then in default of its
obligations as Tenant under this Lease , by giving Landlord at least ninety (90) days written
notice of the date upon which this Lease shall terminate (the "Early Termination Date"), in
which event this Lease shall terminate on the Early Termination Date, without further liability
upon the parties other than for return of Tenant's Security Deposit, to the extent Tenant is
entitled to a return of the same, the payment of any monetary obligations which have become
due prior to such Early Termination and the obligations of indemnity of the parties or other
obligations provided for in this Lease, which would survive the termination of this Lease by the
normal expiration of the term of the same.
ARTICLE TWENTY
MISCELLANEOUS PROVISIONS
20.1 Holding Over. If Tenant does not vacate the Premises following termination of this
Lease, Tenant will become a tenant at will and must vacate the Premises on receipt of notice
from Landlords. It is agreed and understood that any holding over by Tenant of the Leased
Premises after the expiration of this Lease shall operate and be construed as a tenancy from
month to month (the "Holdover Period") at a rental equal to 150% of the Minimum Monthly
Base Rent herein provided, plus the amount due under Article 4.2 herein, as such rental is then
adjusted as herein provided (the "Holdover Rental"), and subject to any Percentage Rent. The
accrual or payment of such Holdover Rental shall not provide Tenant with any rights of
occupancy or any other rights under the Lease during the Holdover Period. Tenant shall remain
in the possession of the Leased Premises solely at the sufferance of Landlord and Landlord shall
be entitled to pursue all of its remedies against Tenant during such Holdover Period including,
but not limited to, seeking Tenant's eviction, notwithstanding the accrual and/or payment of such
Holdover Rental.
20.2 Expenses of Negotiation. Whether or not the transactions contemplated hereby are
consummated, each of the parties will pay its own costs and expenses incurred in the negotiation
of this Lease.
20.3 Right of Entry. Landlord shall have the right to enter upon the Leased Premises at all
reasonable hours for the purpose of inspecting the same, or of making repairs to the Leased
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Lease Agreement -
Premises, or of making repairs, alterations, or additions to adjacent premises. Landlord shall not
be liable to Tenant for any expense, loss, or damage from any such entry upon the Leased
Premises.
20.4 Late Charge. Tenant shall be liable for, and Landlord may collect a late charge of five
cents ($0.05) for each dollar of Minimum Monthly Base Rent unpaid by the eleventh (11th) day
of each month, such charge to be addition to and not in lieu of any other remedy of Landlord
hereunder. Tenant agrees that such charges are necessary and reasonable in light of the expenses
and loss of income caused by late payments.
20.5 Force Majure. Whenever a period of time is herein provided for Landlord or Tenant to
do or perform any act or thing, neither Landlord nor Tenant shall be liable or responsible for, and
there shall be excluded from the computation of such periods of time any delays due to strikes,
riots, acts of God, shortages of labor or materials, national emergency, acts of public enemy,
governmental restrictions, laws, or regulations, or any other cause or causes, whether similar or
dissimilar to those enumerated, beyond Landlord's or Tenant's reasonable control. The foregoing
does not include a lack of financial resources, regardless of the cause of the same, and regardless
of whether such lack of financial resources was, or was not, in the control of the party claiming
an excusable delay due to the provisions of this Article 20.5.
20.6 No Joint Venture. Nothing herein contained shall be deemed or construed by the parties
hereto, nor by any third party, ascreating the relationship of principal an agent or of partnership
or of joint venture between the parties hereto, it being understood and agreed that neither the
method of computation of rent, nor any other provision contained herein, nor any of the acts of
the parties hereto, shall be deemed to create any relationship between the parties hereto other
than that of Landlord and Tenant.
20.7 No Waiver of Subsequent Breach. One or more waivers of any covenant, tern or
condition of this Lease shall not be construed as a waiver of a subsequent breach of the same
covenant, term or condition. The consent or approval by either party to or of any act by the other
party requiring such consent or approval shall not be deemed to waive or render unnecessary
consent to or approval of any subsequent similar act.
20.8 Authority to Execute Lease. Landlord has full authority to assign this Lease to any
person or entity if such person or entity assumes all of Landlord's obligations under this Lease.
In the event of such assignment, Tenant will continue to be fully liable under this Lease.
20.9 Gender; Number. Whenever herein the singular number is used, the same shall include
the plural, and the neuter gender shall include the feminine and masculine genders.
20.10 Effect of Invalid Provisions. If any clause or provision of this Lease is illegal, invalid,
or unenforceable under present or future laws effective during the term of this Lease, then and in
that event, it is the intention of the parties hereto that the remainder of this Lease shall not be
affected thereby, and the parties hereby declare that this Lease would have been entered into
without such unenforceable portion.
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Lease Agreement
20.11 Limitation on Alteration, Change or Amendment to Lease. This Lease may not be
altered, changed, or amended, except by an instrument in writing signed by all parties hereto.
The terms, provisions, covenants and conditions contained in this Lease shall apply to, inure to
the benefit of, and be binding upon the parties hereto, and upon their respective heirs, successors
in interest and legal representatives, except as otherwise herein expressly provided.
20.12 Captions. The captions used in this Lease are for convenience only and do not in any
way limit or amplify the terms and provisions thereof.
20.13 Fees and Expenses of Actions. If any action at law or in equity, I including an action for
declaratory relief is brought to enforce or interpret the terms of this Lease Agreement through
probate, bankruptcy, receivership or other judicial proceeding, the prevailing party shall be
entitled to recover reasonable attorney's fees, costs and necessary disbursements incurred in the
investigation, preparation, and pursuit of such prevailing party's action, in addition to any other
relief to which it may be otherwise entitled at law or hereunder.
20.14 Other Documents and Action. Each party shall, on demand, execute or obtain such
other documents or instruments and corrective filings or instruments and use all commercially
reasonable efforts to do or cause such other things as may be reasonably necessary or desirable to
effect the provisions and purposes of this Lease Agreement.
20.15 Advertisement of Premises. During the last 120 days of any term, Landlord may place
a sign on the Premise advertising the Leased Premises for rent or sale.
20.16 Rule of Construction. Each party hereto acknowledges that it has received, reviewed
and been involved in the drafting of this Lease and that normal rules of construction, to the effect
that ambiguities are to be resolved against the drafting party, shall not apply.
20.17 Schedules, Addenda, Riders and Exhibits. All schedules, addenda, riders and exhibits
attached hereto shall be a part of this Lease for all purposes. Schedules, addenda, riders and
exhibits shall be changed from time to time as the parties may agree. When schedules addenda,
riders and exhibits are changed, they shall be redrafted in accordance with agreed changes, dated
as of the effective date of such change and signed by the parties. Copies of changed schedules,
addenda, riders and exhibits shall be furnished to each party and such changed schedules,
addenda and exhibits shall become a part of this Lease for all purposes. Schedules, addenda,
riders and exhibits, which have been changed, shall cease to be a part of this Lease, and the most
recently dated schedule, addendum, rider and/or exhibit, signed by all parties, shall govern.
20.18 No Brokers, Agents, Fees or Commissions. Neither Landlord nor Tenant has engaged
the services of a broker or other agent to negotiate the terms of this Lease, for which a fee or
commission becomes payable as the result of the execution of this Lease, nor are any fees or
commissions due or to become due as the result of the execution of this Lease. Landlords and
Tenant each agree to indemnify and hold the other harmless from: any claim for any fee and/or
commission due as the result of the execution of this Lease.
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Lease Agreement
20.19 Memorandum of Lease. Upon the written request of Tenant, the parties shall execute a
Memorandum of Lease, capable of being recorded in the real property records of the county in
which the Leased Premises is located, sufficient to place any third parties on notice as to the
existence of the Lease and its initial and renewal teuus.
20.20 Interest on Past Due Amounts. Any monetary amounts, which are owed by either party
pursuant to a provision of this Lease, which are not paid when due shall bear interest from the
date such amounts are due until the same are paid at the rate of five (5) percentage points over
the then existing prime rate of the Frost National Bank as such prime rate is quoted by the Frost
National Bank as its prime rate in effect at the time such amounts become due, not to exceed the
maximum amount allowed by the law of the state in which the Leased Premises is located.
ARTICLE 21
LANDLORD'S WARRANTIES AND REPRESENTATIONS
21.01. Warranties and Representations of Landlord. Landlord, in order to induce Tenant to
enter into this Lease, has warranted and represented and hereby warrants and represents to
Tenant that:
(b) The Leased Premises will have the free and unencumbered ingress and egress
access to Weld County Road 47;
(c) All matters requiring state, county, or municipal, certification or other grants of
authority or permission, are capable of being fulfilled by Landlord;
(d) Landlord has the ability to obtain all necessary city or county permits for curb
cuts, utilities, building permits and all other governmental permits necessary to construct and
complete the Landlord Improvements;
(e) The Leased Premises have sufficient current zoning, or Landlord will be able to
secure any change in zoning, which would be required for Tenant's ability to comply with any
Governmental Authority's zoning ordinances in Tenant use of the Leased Premises; and,
(f) The following utilities, meeting all applicable Governmental Requirements, will
be present at and available to the Leased Premises as of the Commencement Date: water,
sanitary sewer or septic system, electricity and telephone.
ARTICLE 22
TENANT CONTINGENCIES
22.01 Tenant's Contingencies. This Lease, and Tenant's obligations herein, are contingent
upon the satisfaction of Tenant's Contingencies, which are as follows:
(a) The Substantial Completion of the construction of the Landlord Improvements
contemplated by this Lease in a good and workmanlike manner on or before March 31, 2006,
subject to such extensions for force majeure, as are applicable to the contractors and suppliers in
the contracts for construction of the Landlords Improvements.
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Lease Agreement
(b) the delivery of possession of the Leased Premises to Tenant on the
Commencement Date, free and clear of any uses and occupancies by any third party, except for
contractors and others having reasonable access to the Leased Premises for punch list and
remedial work.
(c) The consent and approval to Tenant's use and occupancy of the Leased Premises
after the Commencement Date by all applicable Governmental Authorities and the furnishing of
utilities to the Leased Premises has not bee not denied.
(d) All of Landlord's Warranties and Representations contained in. Article 21 herein
above being true and correct as of the Start Date.
22.02 Failure to Satisfy Contingencies; Tenant's Options. Should any of the foregoing
contingencies not be satisfied as of the Commencement Date, Tenant shall have the option to:
(a) Extend the period within which to satisfy such contingencies; or,
(b) Terminate this Lease and receive a return of all prepaid rents and security and
other deposits without further liability to Tenant.
If, after extending the Contingency Period, Tenant is still unable to secure the appropriate
Governmental Approvals on or before the expiration of the Contingency Period, as extended, this
Lease shall terminate and Tenant shall receive a return of all Tenant Security Deposits and
prepaid rent.
If any of the Tenant Contingencies described above have not been satisfied as of the
Commencement Date, Tenant may either (i) waive the same in writing, in which event this Lease
shall not terminate, but shall continue in full force and effect, without abatement of Rent or other
consideration, or, (ii) terminate the Lease, in which event the Lease shall be of no further force
and effect except that Landlord shall be liable to return all Security Deposits and prepaid Rent
and other prepaid items shall be returned to Tenant. The acceptance by Tenant of the Conditional
Use Permit secured by Landlord shall be deemed to have satisfied this Tenant Contingency.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]
[SIGNATURES OF PARTIES TO THIS LEASE ON NEXT PAGE]
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Lease Agreement
******
EXECUTED to be effective as of the Effective Date.
LANDLORD: WESTERN EQUIPMENT & TRUCK, INC.
By:
aig Sp
�w, Presid
TENANT: RUSH TRUC ,,CENTELORADO, INC.
By:
r., Vice -President
EXHIBITS S t HE ' ULES AND RIDERS
The following Exhibits, Schedules and Rider are attached hereto and incorporated herein as an
integral part of the foregoing Lease:
1. Exhibit A: Property Legal Description.
2. Exhibit B: Rental Rate Adjustment Rider
3. Schedule 1.1(u): Landlord's Improvements
4. Schedule 1.1(v): Tenant's Improvements
24
EXHIBIT A
TO
LEASE AGREEMENT
DATED JUNE 30, 2005
BETWEEN
WESTERN EQUIPMENT & TRUCIC, INC.,
LANDLORD,
AND
RUSH TRUCK CENTERS OF COLORADO, INC.,
TENANT
LANDSCAPE/IRRIGATION PLAN
HIGHWAY 34 TRANSPORTATION CENTER
WELD COUNTY, COLORADO
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ALUM AAD ASSOCIATIS,
428 N 2NO St, LA SALLE, CO 80646
Tat 0) 234-9 8642 FAX (7
Drawn by. IN_
Choked:...1584...
Data:
Appre
EXHIBIT B
TO
LEASE AGREEMENT
DATED JUNE 30, 2005
BETWEEN
WESTERN EQUIPMENT & TRUCK, INC.,
LANDIORD,
AN
RUSH TRUCK CENTERS OF COLORADO, INC.,
TENANT
EXHIBIT B
FAIR MARKET RENTAL RATE RIDER
This is a Fair Market Rental Rate Rider to that one certain Lease Agreement dated June 30, 2005,
(the "Lease") between Western Equipment & Truck, Inc. ("Landlord") and Rnsh Truck Centers
of Colorado, Inc. ("Tenant").
All words and phrases used herein shall have the same meaning and context and shall be given
the same interpretation as such words and phrases are used in the Lease and all Defined Terms
and Definitions set forth therein shall apply to such words and phrases when used herein.
Further; as used herein, the term "Fair Market Rental Rate" shall mean the market rental rate
for the time period such determination is being made for facilities compatible for use. as a full
service truck dealership in the Greeley, Colorado metropolitan area (the "GMA") of comparable
condition for space of equivalent quality, size, utility, and location. If there are not enough
facilities available within the GMA, which are sufficiently compatible with the Leased Premises
for comparison purposes, such determination shall be made using comparable facilities in other
population centers in Colorado of comparable size with the GMA (a "CMA"). Such
determination shall take into account all relevant factors, including, without limitation, the
following matters: the credit standing of Tenant; the length of the term; expense stops; the fact
that Landlord will experience no vacancy period and that Tenant will not suffer the costs and
business interruption associated with moving its offices and negotiating a new lease;
construction allowances and other tenant concessions that would be available to tenants
comparable to Tenant in the GMA or CMA (such as moving expense allowance, free rent
periods, and lease assumptions and take-over provisions, if any, but specifically excluding the
value of improvements installed in the Premises at Tenant's cost), and whether adjustments are
then being made in determining the rental rates for expansions and renewals in the GMA or
CMA because of concessions being offered by Landlord to Tenant (or the lack thereof) for the
Leased Premises (defined below) or Renewal Term in question and that Landlord will not incur
a brokerage commission in connection with leasing the Leased Premises for the Renewal Term
in question, based on the then current market rates.
Base Rent Adjustment.
The Base Rent shall be adjusted on each Renewal Term Commencement Date (the "Adjustment
Date"), to adjust the Base Rent to the final Fair Market Rental Rate, determined as set forth
herein, which existed ninety days prior to the Adjustment Date.
Determination.
Landlord shall deliver to Tenant notice of Landlord's assessment of what would be the Fair
Market Rental Rate (the "FMR Notice") for the Leased Premises for the Renewal Term in
question, within thirty (30) days after Tenant notifies Landlord of its intent to exercise an option
to renew the Lease for a Renewal Term or Tenant is deemed under the terms of the Lease to
have exercised such option by having failed to give a notice of its intention not to exercises
such option, as provided for by Article 3.2 of the Lease. If Tenant disagrees with Landlord's
(Acre)' 7
Page 1 of 2 Pages. �d1P(M J
FAIR MARKET RENTAL RATE RIDER
assessment of the Fair Market Rental Rate specified in a FMR Notice, then it shall so notify
Landlord in writing within ten (10) Business Days after delivery of such FMR Notice;
otherwise, the rate set forth in such notice shall be the Fair Market Rental Rate.
If Tenant timely delivers to Landlord written notice that it disagrees with Landlord's assessment
of the Fair Market Rental Rate, then Landlord and Tenant shall meet to attempt to determine the
Fair Market Rental Rate. If Tenant and Landlord are unable to agree on such Fair Market Rental
Rate within ten (10) Business days after Tenant notifies Landlord of its disagreement with
Landlord's assessment thereof, then Landlord and Tenant shall each appoint a commercial real
estate broker with at least five -years' full time experience as a commercial real estate broker in
the GMA market. The two brokers shall then, within twenty (20) days after their designation
(the "FMRR Determination Date"), provide their separate determinations and assessments of
the Fair Market Rental Rate to Landlord and Tenant. Provided that the highest Fair Market
Rental Rate, as determined by one of said brokers, is not more than three percent (3.0%) higher
than the Fair Market Rental Rate, determined by the other broker, the final Fair Market Rental
Rate for the applicable Renewal Term (the "Final FMRR") shall be the average of the two Fair
Market Rental Rates.
However, it the highest Fair Market Rental Rate, as determined by one of said brokers, is more
than percent (3.0%) higher than the Fair Market Rental Rate, determined by the other broker,
the two brokers selected by Landlord and Tenant shall select an independent third broker with
like qualifications. If the two brokers are unable to agree on the third broker within ten (10)
days from the FMRR Determination Date, either Landlord or Tenant, by giving five -days' prior
written notice thereof to the other, may apply to the then presiding judge of any Weld County
court for selection of a third broker who meets the qualifications stated above. Within twenty
(20) Business Days after the selection of the third broker, the third broker shall deliver his
written determination and assessment of the Fair Market Rental Rate to Landlord and Tenant
and the two closest appraisals shall be averaged and the average will be the Final FMRR. Tenant
and Landlord shall each bear the entire cost of the broker selected by it and shall share equally the
cost of the third broker.
Administration.
If Tenant has exercised an option or right to renew the Lease for a Renewal Term and the Fair
Market Rental Rate for the Leased Premises for the Renewal Term has not been determined in
accordance with this Exhibit by the time that Base Rent for the Leased Premises during the Renewal
Term is to commence in accordance with the terms of the Lease, then Tenant shall continue to pay
the Base Rent in effect during the month prior to the expiration of the immediately preceding
Term as Base Rent for the Renewal Term, until the Final FMRR has been determined as provided
for herein above. At such time as the Final FMRR has been so determined, appropriate cash
adjustments shall be made between Landlord and Tenant such that Tenant is charged Base Rent for the
said expired portion of the Renewal Term, based on the Final FMRR (as finally determined pursuant
to this Exhibit) for the Leased Premises.
Page 2 of 2 Pages.
SC El t+DULE 1.1(u)
TO
LEASE AGREEMENT
DATED JUNE 30, 2005
BETWEEN
WESTERN EQUIPMENT & TRUCK, INC.,
LANDLORD,
AND
RUSH TRUCK CENTERS OF COLORADO, INC.,
TENANT
SCHEDULE 1.1 (u)
LANDLORD'S IMPROVEMENTS
This is a Schedule of Landlord's Improvements 1.1(u) to that one certain Lease Agreement dated
June 30, 2005, (the "Lease") between Western Equipment & Truck, Inc. ("Landlord") and Rush
Truck Centers of Colorado, Inc. ("Tenant"). All of Landlord's Improvements shall be
constructed and/or installed in a good and workmanlike manner in accordance with all
Governmental Requirements.
All words and phrases used herein shall have the same meaning and context and shall be given
the same interpretation as such words and phrases are used in the Lease and all Defined Terms
and Definitions set forth therein shall apply to such words and phrases when used herein.
Except as specified herein, Landlord's Improvements shall consist of a building consisting of
approximately 42,425 square feet (the `Building"), comprised of approximately 14,825 square
feet of office area, parts sales area and parts warehouse area (the "Office Area", "Parts Sales
Area" and "Parts Warehouse Area", respectively) and approximately 27,600 square feet of shop
are (the "Shop Area"), constructed in accordance with the same plans and specifications prepared
by Masterworks Architects, Inc., dated May 22, 2002 (the "Rush Albuquerque Plans"), which
were used by Rush Truck Centers of New Mexico, Inc. for its Rush Truck Center located at 6521
Hanover, N.W., Albuquerque, . New Mexico, 87121 (the "Albuquerque . Rush Dealership").
However, the Shop Area of the Building shall be approximately fifty (50) feet longer than the
same portion of the Albuquerque Rush Dealership, in accordance with Floor Plan prepared by
Alles and Associates, Inc., dated May 16, 2005. Whenever such Rush Albuquerque Plans fail to
specifically identify the exact location, type, grade and/or quality the materials, equipment or
other items to be incorporated into the Building, such location, type grade and quality shall be
the same as constructed, in fact, at the Albuquerque Rush Dealership, unless specifically noted
otherwise herein. Such Albuquerque Plans shall also be subject to such modifications as are
required by applicable Governmental Requirements. The steel building frame and roof system
and surface areas are to be supplied by Rigid Building Systems as per Shipping Confirmation
Notice, Sales Order 22933, dated June 7, 2005. All Shop Area floor drains as contained in Rush
Albuquerque Plans shall be eliminated. However, the environmental floor trap in the two wash
bays shall remain as a part of Landlord's Improvements.
The Office Area, Parts Sales Area and Parts Warehouse Area and shall consist of offices, sales
areas, warehouse areas and other related rooms. The floor plan for the Office Area, Parts Sales
Area and Parts Warehouse Area of the Building is detailed and set forth in Attachment 1, which
is attached hereto.
The outside surface area of the Leased Premises (the "Outside Surface Area") is depicted on
Attachment 2, which is attached hereto and incorporated herein. The rear lot area of the Outside
Surface Area (the "Rear Lot Area") is depicted in brown on Attachment 2. The show lot area of
the Outside Surface Area (the "Show Lot Area") is depicted in gray on Attachment 2. The
concrete apron area of the Outside Surface Area (the "Concrete Apron Area") is depicted in light
blue on Attachment 2. The Outside Surface Area shall consist of the following:
Page 1 of 3 Pages.
SCHEDULE 1.1 (u)
This Concrete Apron Area shall consist of a concrete apron, twenty-seven (27) feet wide,
consisting of 3000 psi concrete, six (6) inches thick, outside of shop doors, as depicted on
Attachment 2. The Show Lot Area, including the west entrance, shall be surfaced with
3000 psi concrete, six (6) inches thick. The Back Lot Area of the Premises shall be
surfaced with gravel and/or recycled asphalt, as required by applicable Governmental
Authorities.
Certain areas of the Premises shall be enclosed with six (6) foot high chain link fencing, the
location of which will be determined by Tenant and coordinated with such landscaping as is
required by applicable Governmental Authorities (approximately Sixteen hundred fifty (1650)
feet of fencing).
There shall be constructed and the Premises shall be serviced by gates located as shown on
Attachment 2. There shall be a rear sixty (60) foot gate to provide access to Transportation
Drive, consisting of a side roll gate. A front gate shall be constructed to provide access to Weld
County Road Number 47, consisting of two thirty (30) foot swing gates. One four (4) foot
swinging gate shall be located to provide access by employees to Tenant's employee parking
area, which is to be located adjacent to Transportation Court.
Adequate electrical power for Tenant's business operations at the Premises shall be supplied to
the Office Area and Parts Warehouse Area and the Shop Area, as well as Tenant's recycling
equipment and all outside lighting and lighted signage constructed by Tenant.
A 1200 -gallon underground concrete or fiberglass Septic Tank with all related plumbing and
fixtures shall be installed on the Premises.
Driveway and/or Curb Cuts, approved by all applicable Governmental Authorities, providing
access to Weld County Road Number 47, Transportation Drive and Transportation Court shall be
provided at the locations as shown on Attachment 2.
All telephone lines, computer and other communications lines and air supply lines required by
Tenant for its business operations shall be installed in the Building.
A five (5) ton, forty (40) foot bridge crane shall be installed in the Shop Area at a location
selected by Tenant.
Provisions shall be made for adequate drainage of Tenant's wash racks.
Landscaping shall be installed as per applicable Governmental Requirements, in the areas shown
in green on Attachment 2 and irrigation facilities suitable to properly maintain landscaping shall
be installed.
Exterior lighting shall be provided for the Building and Outside Surfaced Area as shown and
depicted on Attachment 3, which is attached hereto.
Page 2 of 3 Pages.
SCHEDULE 1.1 (u)
Air conditioning in the font of five (5) 10,000 dm swamp coolers shall be provided for the Shop
Area and the Parts Warehouse & Parts Area and refrigerated air consisting of two (2) seven and
one/half (7 '''A) ton A/C units shall be provided for Office Area. No ductwork shall be required for
the Shop Area; however, air conditioning ducts will be provided for the Parts Warehouse & Parts
Area and Office Area.
All concrete, site work and plumbing required in order to facilitate the installation of Tenant's
wash rack environmental recycling system.
Page 3 of 3 Pages.
SCHEDULE 1.1 (u)
LANDLORD'S IMPROVEMENTS
ATTACHMENT 1
RUSH PETERBILT FLOOR PLAN # 4, KERSEY COLO
PARTS WAREHOUSE
APPROX. 6,790 sq / ft
OFFICEf7
10' 117
lFF10E fB
17X177
RECEPTIONIST
OFFICE i!
12' r10'
LOCKER ROOM
DAM ROOM
2i •x 11;8'
412sq!R
dianimiyil.) PARIS
MANAMA
1i'Y:13'1I
RETAIL
PARTS j
SALES
Approximately
11135 sq /ft
J
3
J
BREAK l7itM lUG
ROOM
?!'x 1s r
i12sa lR
SCHEDULE 1.1 (n)
LANDLORD'S IMPROVEMENTS
ATTACHMENT 2
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•
•
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"win
SCHEDULE 1.1 (n)
LANDLORD'S IMPROVEMENTS
ATTACHMENT 3
LUMINAIRE SCHEDULE
Symbol Labsl Qty Catalog Number Description Lamp Lumens Watts
(2) KSF3 1000M AREA LIGHT W1R4 ONE 1000 -WATT CLEAR •1 .111 110000 2160
A 6 R4 HS wl KfMB PRODUCTION BT -56 METAL HALIDE,
N(NT. BRKT. w130' REFL.,HOUSE SIDE HORIZONTAL POSITION.
S_S.S.P. SHIELD, GLASS LENS
KSF3 1000M R4 AREA LIGHT W1R4 ONE 1000 -WATT CLEAR 110000 1080
9 HS -- WI 30' PRODUCTION BT - 56 METAL HALIDE,
• S.S.S.P. REFL,HOUSE SIDE HORIZONTAL POSITION.
SHIELD, GLASS LENS
KSF3 1000M R3 - TYPE 3 , SHORT , ONE 1000 -WATT CLEAR
ill C 1 wl 30' S.S.S.P. CUTOFF BT -56 METAL HALIDE, 110000 1080
- HORIZONTAL POSITION.
II KSF3 1000M R4 - TYPE 4 , SHORT , ONE 1000 -WATT CLEAR 110000 216t1
D 2 w13D' S.S.S.P. CUTOFF BT -56 METAL HALIDE,
■ HORIZONTAL POSITION.
KSF3 100DM R3 -- TYPE 3 , SHORT , ONE 101)0 -WATT CLEAR
F 3 w1 WALL MNT, CUTOFF BT -56 METAL HALIDE, 110000 1080
BRKT. HORIZONTAL POSITION.
•
111 KACM 400M FP -- CONTOUR SERIES ONE 400 -WATT CLEAR 360fl0 462
G 10 - CANOPY CANOPY LUMINAIRE BT -37 METAL HALIDE,
MOUNTED W/FLAT PRISMATIC HORIZONTAL POSITION.
LENS. •
•
KAD 400M R4 HS -DIE-CAST CUTOFF ONE 400 WATT CLEARIII 36000 462
•
H 2 -- w1 WALL MNT. LUMINAIRE WITH HOUSE BT -37 METAL HALIDE,
BRKT, SIDE SHIELD HORIZONTAL POSITION.
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SCHEDULE 1.1(v)
TO
LEASE AGREEMENT
DATED JUNE 30, 2005
BETWEEN
WESTERN EQUIPMENT & TRUCK, INC.,
LANDLORD,
AND
RUSH TRUCK CENTERS OF COLORADO, INC.,
TENANT
SCHEDULE 1.1 (v)
TENANT'S IMPROVEMENTS
This is a Schedule of Tenant's Improvements 1.1(v) to that one certain Lease Agreement
dated June 30, 2005, (the "Lease") between Western Equipment & Truck, Inc. Landlord")
and Rush Truck Centers of Colorado, Inc. ("Tenant").
All words and phrases used herein shall have the same meaning and context and shall be
given the same interpretation as such words and phrases are used in the Lease and all
Defined Terms and Definitions set forth therein shall apply to such words and phrases
when used herein.
Tenant's Improvements shall consist of:
Peterbilt and other signage meeting Governmental Requirements. (Landlord to run power
To sign, )
Computer and communications system
Recycling system for wash rack
Air Compressor.
Oil Distribution system
Steam Cleaning System
Parts Bins
All floor tile supplied by Tenant (Landlord to install)
Agreement for Acceptance of Leased Premises
26956 WCR 47
Greeley, CO 80631
This is an Agreement for Acceptance of Leased Premises, dated this 1st day of March, 2007, between
Western Equipment & Truck, Inc. ("Landlord") and Rush Truck Centers of Colorado, Inc. ("Tenant"). As
used herein, all words, terms and phrases shall have the same definitions and shall be used in the same
context as such words, terms and phrases are defined and used in the herein below described Lease.
RECITALS
A. Lease Agreement. On June 30, 2005, Landlord and Tenant entered into a Lease Agreement (the
"Lease") for the lease by Tenant from Landlord the real property and building located at 26956
WCR 47, Greeley, CO 80631 (the "Leased Premises"), with the Commencement Date to be the
first day of the first month, which followed the substantial completion of Landlord's improvements
to the Leased Premises.
B. Substantial Completion of Landlord's Improvements. Landlord's Improvements have been
Substantially Completed, Tenant has taken possession of the Leased Premises, but a number of
items, which are a part of Landlord's Improvements, remain to be completed by Landlord.
C. Walk Through; Punch List Items. On February 24, 2007, John Barker, representing Landlord,
and Bob Condon, representing Tenant, conducted a walk through of the Leased Premises and
compiled a punch list of items needing to be completed by Landlord (the "Punch List Items"). A
list of the Punch List Items is attached hereto as EXHIBIT A
D. Additional Work. During the course of the construction of Landlord's Improvements, Landlord
made design changes and upgrades to the original agreed upon plan as requested by
representatives of Tenant (the "Additional Work") and Landlord has provided Tenant with a list of
items, which Landlord has claimed as being such Additional Work, which list is attached hereto as
EXHIBIT B.
E. Temporary Certificate of Occupancy; Requirements for Permanent Certificate of
Occupancy. Landlord has secured a Temporary Certificate of Occupancy (the "TCO"), which will
expire on March 31, 2007, which also requires the completion of certain items by Landlord (the
"CO Items") in order to secure a permanent Certificate of Occupancy (the "CO").
F. Agreement of Landlord. Landlord has agreed that if Tenant will pay the herein agreed amount
for the Additional Work (the "Agreed Payment"), Landlord will take such action as is required to
complete the CO Items and secure the issuance of the CO prior to the expiration of the TCO and,
subject to reasonable delays for adverse weather conditions, complete the Punch List Items on or
before March 31, 2007.
G. Agreement of Tenant. Tenant has agreed, in consideration of the agreements and covenants of
Landlord contained herein, to pay the sum of $195,000 to Landlord (the 'Agreed Payment") in the
manner as set for the herein. The Agreed Payment is to represent full payment of all amounts
due Landlord for all Additional Work and any other sums due Landlord for the completion of
Landlord's Improvements and the securing of all permits required for the occupancy of the
Leased Premises, including the TCO and CO.
Page 1 of 2 Pages.
RIF;(nEWED
MAN 6 .uU /
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Agreement for Acceptance of Leased Premises
TERMS AND CONDITIONS OF AGREEMENT
NOW, THERFORE, in consideration of the matters set forth in the foregoing Recitals, the covenants,
agreements and obligations of the parties as set forth herein and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged by both parties hereto, it is agreed that:
1. Commencement Date. The Commencement Date of the Lease is March 1, 2007.
2. Payment of Agreed Amount. On or before March 2, 2007, Tenant will pay the Agreed Payment
to Landlord, by wire transfer to Landlord's account.
3. Complete Payment. The Agreed Payment represents full and final payment to Landlord for all
sums due Landlord for all Additional Work as well as any other sums due Landlord for the
completion of Landlord's Improvements and/or any other improvements to the Leased Premises,
including but not limited to the items listed in EXHIBIT B.
4. Securing of Certificate of Occupancy. Landlord will secure the issuance of the CO prior to the
expiration of the TCO.
5. Completion of Punch List Items. Subject to reasonable delays due to adverse weather,
Landlord will complete the Punch List .Items in a good and workmanlike manner on or before
March 31, 2007.
6. Terms and Provisions of Lease. All terms and provisions of the Lease, except as herein
modified or specified, shall remain in full force and effect.
7. Gender and Number. Unless otherwise required by context, the genders shall include each
other and the singular shall include the plural and the plural the singular.
8. Headings, Etc. Headings, table of contents, captions, titles and marginal notations are for
convenience only and shall not limit or restrict the interpretation or construction of the passage(s)
to which such headings, table of contents, captions, titles and notations may relate.
AGREED, to be effective as of the Effective Date first set forth above.
LANDLORD:
WESTERN EQUIPMENT & TRUCK, INC.
By:
Cra}grSparrow, Pres
Page 2 of 2 Pages.
TENANT:
RUSH TRUCK CENTERS OF
COLORADO, INC.
By:
John Barker, General Manager
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(Exhibit A to Lease Acceptance Agreement
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Exhibit B to lease acceptance agreement
IRush Truck Centers of Colorado and Western Equipment & Truck Inc.
Estimated costs of customer changes as of Feb 27,2007
description
increase 7009sf to 7817
2&3 hr rated partitions in lieu of sprinklers
move twice after framed
.50/ sf for point to point instil
tile walls to 4' 9"
caulk top of sq edge mopboard
accent color on 13 walls
cabinets on main ctr, doors on rear ctr
cabinets under fwd add entire rear
pts counters
shop manual cabinets
additional cabinets & counter
add sink floor cut for plumbing
add data port in center cut floor
8" floor vs 4" Alb to support mea
raise ceiling to 12'
added data ports
eliminate 2 water fountains
eliminate urinals
individual bay exhausts
increased elec drops
upgrade air drops
upgrade water drops
I radiant heat
'drop body shop ofc. & non rated partition add
'add Chemlite panel
Tube lighting I
Item / location
increase sf
Fire Partitions
move pts mgr door f
tile install I
front restrooms
tile install
accent walls
parts counter
phone parts counter
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outlets on posts
approval costs from town
contactors & breakers
unload equip for Rush subs
cleanup after subs
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Account Num
Parcel Address
R4100106
26956 CR 47. Kersey:
R4100206.
26950-00 47, Kersey.
R41003C06
2095'6 qt,47., Kettey
84100406
269'56 CR:47, Kersey
R4100506.
26956 CR 47, Kersey
R4100006
26956CR41. Kersey
R41007Gi6
26956 G1147. Kersey
1id10b$lf6
26956CR47 Kersey
84100906
2695$ et 47, Kersey:
July 22, 2013
CLERK TO THE BOARD
PHONE (970) 336-7215, EXT 4226
FAX (970) 352-0242
WEBSITE: www.co.weld.co.us
1150 O STREET
P.O. BOX 758
GREELEY CO 80632
WESTERN EQUIPMENT TRUCK INC
2055 1 AVE
GREELEY, CO 80631
Account No.: R6783222
Dear Petitioner(s):
The Weld County Board of Equalization has set a date of July 30, 2013, at or about the hour of
1:30 PM, to hold a hearing on your valuation for assessment. This hearing will be held at the
Weld County Administration Building, Assembly Room, 1150 O Street, Greeley, Colorado.
You have a right to attend this hearing and present evidence in support of your petition. The
Weld County Assessor or his designee will be present. The Board will make its decision on the
basis of the record made at the aforementioned hearing, as well as your petition, so it would be in
your interest to have a representative present. If you plan to be represented by an agent or an
attorney at your hearing, prior to the hearing you shall provide, in writing to the Clerk to the
Board's Office, an authorization for the agent or attorney to represent you. If you do not choose
to attend this hearing, a decision will still be made by the Board by the close of business on
August 5, 2013, and mailed to you on or before August 12, 2013.
Because of the volume of cases before the Board of Equalization, most cases shall be limited to
10 minutes. Also due to volume, cases cannot be rescheduled. It is imperative that you
provide evidence to support your position. This may include evidence that similar homes in your
area are valued less than yours or you are being assessed on improvements you do not have.
Please note: The fact that your valuation has increased cannot be your sole basis of
appeal. Without documented evidence as indicated above, the Board will have no choice but to
deny your appeal.
If you wish to obtain the data supporting the Assessor's valuation of your property, please submit
a written request directly to the Assessor's Office by fax (970) 304-6433, or if you have questions,
call (970) 353-3845. Upon receipt of your written request, the Assessor will notify you of the
estimated cost of providing such information. Payment must be made prior to the Assessor
providing such information, at which time the Assessor will make the data available within three
(3) working days, subject to any confidentiality requirements.
AS0085
WESTERN EQUIPMENT TRUCK INC - R6783222
Page 2
Please advise me if you decide not to keep your appointment as scheduled. If you need any
additional information, please call me at your convenience.
Very truly yours,
BOARD OF EQUALIZATION
r0(
Esther E. Gesick
Deputy Clerk to the Board
cc: Christopher Woodruff, Assessor
RYAN
5251 DTC PARKWAY ONE DTC SUITE 1045
GREENWOOD VILLAGE, CO 80111
AS0085
BOE SUMMARY SHEET
Account Number: R6783222
WESTERN EQUIPMENT TRUCK INC
2055 1 AVE
GREELEY, CO 80631
HEARING DATE: July 30, 2013, AT 1:30 PM
ON)
%lepi>b�ie-
HEARING ATTENDED? NAME:
AGENT NAME: RYAN
APPRAISER NAME:
Comes / 4a n
5251 DTC PARKWAY ONE DTC SUITE 1045
GREENWOOD VILLAGE, CO 80111
ditCekjetek
DECISION
ACTUAL VALUATION
APPROVE BY
ASSESSOR
SET BY
BOARD
TOTAL ACTUAL VALUE
$2,206,100.00
a 0747, j ma 0
COMMENTS: r l
MOTION BY J`0' TO semi 15 - /tad/o/it/
SECONDED BY / A
Failed to prove appropriate value
No comparables given
Assessor's value upheld
Other:
Conway --GIN)
Garcia -- N)
rreevortA bent --
Rademacher --
N)
&xh,`,6/`H (me /ace)
RESOLUTION NO. 2013-2022
M:\CBOE\Letter Templates\Summary Sheet.docx
a)(645CD
Tammy Waters
From:
Sent:
To:
Cc:
Subject:
Hi Tammy:
Eisenach, Audria [Audria.Eisenach@ryan.com]
Monday, July 29, 2013 3:13 PM
Tammy Waters
James, Ian
Appeal on Rush - Western Equipment Truck Parcel R6783222
Could you please setup a telephone hearing for the above referenced property with our Mr. Ian James? His telephone
number is 720.315.5250. I have copied him on this email in case you need any other information/communication with
him.
Our hearing is scheduled for tomorrow, July 30th, at 1:30pm.
Thank you for your help with this!!!
Audria
Please note new address & phone number effective June 12, 2013.
Audria Eisenach
Senior Tax Analyst
Ryan LLC
5251 DTC Parkway, Suite 1045
Greenwood Village, CO 80111
Phone: 720.524.0022
audria.eisenach@rvan.com
www.rvan.com
Innovative Solutions to Taxing Problems
From: Tammy Waters [mailto:twaters@co.weld.co.us]
Sent: Monday, July 29, 2013 9:10 AM
To: Eisenach, Audria
Subject: FW: Ryan Appeals
Hi Audria,
Courtney is unable to change the schedule unfortunately. Please let me know if I can be of assistance in any other way.
Thanks and have a great day.
Tammy Waters
Deputy Clerk to the Board
1150 O Street)P.O. Box 758 (Greeley, CO 80632
tel: (970) 336-7215 X5226
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